If a minor dies, the assets held in a Uniform Gifts to Minors Act (UGMA) account would typically become part of the minor's estate and be distributed according to the minor's will or intestacy laws. The assets would be managed by the executor or administrator of the minor's estate in accordance with applicable state laws.
it dies
same thing that happens to eveyone you retards
it dies
it dies.
Turns yellow and dies
18th birthday.
18 Depending on your state, if the account is a UTMA/UGMA (Uniform Transfers to Minor/Uniform Gifts to Minor), the minor may not be able to withdraw money until s/he reaches 21.
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.
In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.
He dies, he stops living.
To take money out of a Uniform Gifts to Minors Act (UGMA) account, the custodian of the account must initiate the withdrawal, as minors cannot manage the account themselves. The funds can be used for the benefit of the minor, such as education or other expenses. Once the minor reaches the age of majority, they gain full control of the account and can withdraw the funds as they choose. It's important to check specific state laws, as they can vary regarding the age of majority and withdrawal processes.
Generally, no there is no penalty to close a UGMA account. However, there may be a surrender fee or an exit fee if removed in a certain time frame.
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
nothing happens
He dies.
Tagalog translation of SUITED: ugma; hiyang
He dies/gets killedif in hunger games he dies