rjordan392
09-03-2009, 06:15 PM
Hello,
I am the custodian and donator of three Pennsylvania/ UTMA (Uniform Transfer Minor Accounts). Under law in my State, the minors can assume control of their accounts at the age of 21. My purpose in setting up these accounts was for their education beyond high school. But I do not know my rights if the minors decide not to go to college, tech. school or business school.
However I might allow them to have access before they are 21, depending on needs.
So my question is:
What if one of the minors turns out not deserving of my charity; can I re-claim their account and have the funds transfered back to my account before they turn 21 years old? My relationship to the minors is I am their Uncle. The minors funds are mostly in certificates of deposit with a couple of hundred in money market accounts.
I am the custodian and donator of three Pennsylvania/ UTMA (Uniform Transfer Minor Accounts). Under law in my State, the minors can assume control of their accounts at the age of 21. My purpose in setting up these accounts was for their education beyond high school. But I do not know my rights if the minors decide not to go to college, tech. school or business school.
However I might allow them to have access before they are 21, depending on needs.
So my question is:
What if one of the minors turns out not deserving of my charity; can I re-claim their account and have the funds transfered back to my account before they turn 21 years old? My relationship to the minors is I am their Uncle. The minors funds are mostly in certificates of deposit with a couple of hundred in money market accounts.