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What happens to a custodial account when the minor reaches the age of 21?

April 26, 2017account age custodial happens minor reaches

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What happens to a custodial account when the minor reaches the age of 21?

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According to the Texas Property Code, the custodian is required to turn the account over to the minor. TX CEF does not automatically update the account. Complete an account change form to change the ownership. If the account is a note, you must return the original note certificate.