Who is considered the owner of an UTMA/UGMA account?
The minor on whose behalf the account has been established is the owner of the account. However, until the minor reaches the age of account termination under applicable state laws and in accordance with the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA), there must be a custodian listed on the account. If the minor dies prior to reaching the age of account termination, the account is included in the minor’s estate. If, however, the custodian dies before the minor reaches the age of account termination, a successor custodian would be appointed to administer the account until the minor reaches the age of termination. The will of the deceased custodian may include a preference as to who should be named successor custodian. If not, the minor (if age 14 or older) or the appropriate state court will appoint one.
