Legal Question in Wills and Trusts in California
changing age from 18 to 21 on a Ca Utma
My father ( custodian on accts.)set
up an Utma about 12 years ago for
our daughter & son with them taking
control at the age of 18. Our son did
get control of his acct. but 11
months prior to our daughter turning
18, Grandpa changed accts. from
Schwab's to Fidelity & changed the
age to 21 on our daughters acct. This
acct. is under her SS# & has been all
along. Is this legal & if not what can
be done?
1 Answer from Attorneys
Re: changing age from 18 to 21 on a Ca Utma
Your question aroused my curiosity, so I went and read the statute (Probate Code Sections 3900 to 3925). UTMA custodianship ccounts can be set up to terminate at 18, 21 even in some cases at 25, but my reading of the statute is that the terms cannot be changed after the original "transfer" is made. However, 18 is young to have control over any substantial amount of $$, and Grandpa can make earlier distributions for your daughter's education, so I suggest that you start by requesting him to do that rather than antagonizing him by challenging the legality of his action.