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What happens if the donor for a Uniform Transfers to Minors (UTMA) account is also the custodian and dies before a minor beneficiary reaches legal age according to state law?

Related resource areas: Personal Finance


If the donor for a Uniform Transfers to Minors (UTMA) account dies before the minor beneficiary reaches legal age, the transferred property is included in the deceased donor's gross estate for federal estate tax purposes. To avoid this situation, a donor who is also a custodian can change the account so that someone else (for example, a trusted family member) is named as a successor custodian. Check with the financial institution holding the UTMA funds for details about the required paperwork.

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