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_________________________, referred to as CUSTODIAN and _________________________, referred to as MINOR, agree:
CUSTODIAN has been acting in the capacity of custodian of property gifted to the MINOR under the _______________________________________.
MINOR has now reached the age of majority, and under the ______________________________ is entitled to possession of the property outright.
MINOR acknowledges receipt of the property so maintained by custodian, as follows:
_____________________________________________________________________
with a value of $_______ (_________________________ & _________/100 dollars).
MINOR has had adequate opportunity to examine the records related to the custodianship, and has determined that the property has been properly maintained by CUSTODIAN as provided by the law, and therefore, CUSTODIAN is fully and completely discharged and shall have no further duties or responsibility herein.
Dated: _______________________
_____________________________________
_________________________ By Minor (former)
_____________________________________
_________________________ By Custodian
Custodian, Release by MinorReview List
This review list is provided to inform you about this document in question and assist you in its preparation. This Release is an important document for the Custodian to obtain from the former minor upon reaching their majority, normally 21. If the Custodian relationship extends until the minor reaches an older age, often 25, then the same document should be signed at the same time the property is turned over. The examination of property should precede the turnover, very much as in a real estate transaction.
This is an important agreement to have signed for the benefit of parents with their minor children so there are no later disputes about this issue, especially with families having trusts. In a very practical sense, it virtually eliminates the opportunity for this to be used as a wedge in later matters regarding estates or other issues.
1. Make multiple copies. Have a notary witness the transaction if possible.
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Can a minor own stock and receive dividends on the stock?
Yes. Under uniform gifts to minors act (UGMA) an adult custodian opens account for minor and all gains are taxed under minor's rate. Minor owns account at age of majority for his state or when specified by custodian depending on rules established at time of gift.
Can a custodian's power of attorney transact on behalf of the minor on an ugtma?
If the custodian is the custodian or successor of the UGTMA in the event of the custodians death - yes by definition that is the custodians responsibility. If the custodian is, for example, the custodian of the estate of the adult who had custodial control of the UGTMA account the situation is different. A successor trustee is normally required when setting up the custodial account. If so, that successor custodian as named in the UGTMA account would have those powers. In this example, if the successor custodian is different on the UGTMA account than the custodian or trustee of the estate, the UGTMA account successor custodian would take precedence. Remember, the assets are in the minors estate not the custodians.
What are the release dates for Hi Custodian - 2012?
Hi Custodian - 2012 was released on: USA: 5 September 2012 (New York City, New York)
Can an aunt take her niece out of the country?
If the niece is an adult, her aunt can take her anywhere she wants to go. If the niece is a minor and the aunt has custody, she can take her anywhere she wants, as long as conditions of the award of custody do not limit travel or relocation. If the aunt is not a custodian of a minor niece, then she can take the niece out of the country only with the permission of the custodian or custodial parent.
What is the General term for janitor?
Janitor. Or custodian.
When can a minor claim a custodial account in Michigan?
18 is the age of majority in the state of Michigan for Custodial accounts. In order to receive the funds the minor & the custodian must submit a form to the company where the funds are held.
What are the release dates for Ferris Bueller - 1990 Custodian of the People 1-3?
Ferris Bueller - 1990 Custodian of the People 1-3 was released on: USA: 24 September 1990
What are the release dates for Our Miss Brooks - 1952 The Loaded Custodian 1-2?
Our Miss Brooks - 1952 The Loaded Custodian 1-2 was released on: USA: 10 October 1952
Can a different person other than a legal guardian be appointed over a minor's estate?
Yes, a court can appoint a different individual, such as a relative or a trusted adult, as a guardian or conservator over a minor's estate if the legal guardian is unable or unwilling to fulfill their duties. This decision is based on what is in the best interest of the minor.
When was The Custodian created?
The Custodian was created in 1993.
Upon change of custodian the outgoing custodian must conduct a joint inventory with whom?
Incoming Custodian
Who is the custodian of contingency fund of India?
President is the custodian
