Legal Question in Wills and Trusts in Virginia

At your son's age of 25, the money in this custodial account whether the account was established in Colorado or another state, should now be transferred to its rightful owner, i.e., your son. (And the actual date when the transfer was due was probably when he was age 21.)

Given the fact that it now appears that your mother may regret having established this account, it would not seem advisable to allow her to remain any longer as a custodian of these UTMA funds to establish a 401K or anything else ostensibly to benefit your son.