Uniform Transfer to Minor- Alabama

[QuickWilly]

What is the name of your state? Alabama

What must be done, if anything, when the minor in question reaches the age of 21?

 

[I AM ALWAYS LIABLE]

What is the name of your state? Alabama

What must be done, if anything, when the minor in question reaches the age of 21?

My response:

Would you care to be just a little more specific? What's going on, and who are you in relation to this matter?

IAAL

 

[QuickWilly]

Dear IAAL,

Thanks for rapid reply. I am custodian of a UTMA dividend reinvestment account for my grandson who will have his 21st birthday next Friday.

How do I get out of the middle and just have the account in his name?

Can this simply be handled with a transfer at the company's transfer agents or are there legal documents which must be filed with the state, or elsewhere?

QuickWilly

 

[I AM ALWAYS LIABLE]

Dear IAAL,

Thanks for rapid reply. I am custodian of a UTMA dividend reinvestment account for my grandson who will have his 21st birthday next Friday.

How do I get out of the middle and just have the account in his name?

Can this simply be handled with a transfer at the company's transfer agents or are there legal documents which must be filed with the state, or elsewhere?

QuickWilly

My response:

Was this account set up as the result of court order?

IAAL

 

[QuickWilly]

No. Strictly voluntary. Trying to introduce grandchildren to investing in the stock market.

 

[I AM ALWAYS LIABLE]

My response:

Then, you take your G-son with you to where the account is located, and complete the necessary paperwork to transfer ownership of the account and it's funds. You'll sign the relinquishment paperwork, and G-Son will either open a new account in his name, or take the funds in cash.

Sounds simple enough to me.

IAAL

 

[QuickWilly]

Thank you very much, IAAL.

Since the company is in another state, I will attempt to handle it with them or their transfer agent through the mail.

Appreciatively,

QuickWilly