Custodian, Release By Minor

Custodian, Release by Minor

A custodian does legal work in a business or company’s financial assets. It can be an individual or an institution. This handles equities and bonds, checking and reporting the status of sales, settling purchases and tax reporting. Specifically, a custodian may be appointed to control the assets of a minor or a disabled person. In the case of custodian for minors, under the Uniform Transfers to Minors Act, the parents of the minor will establish an account on behalf of the minor. This serves as the custodian that saves the legal authority and direction over the custodial account. Custodians are useful especially for owners who are not able to check the daily activities of their accounts.

Custodianship, according to Uniform Transfers to Minor Act is an arrangement that manages properties of a person who is under the age of twenty-one. This may arise from different circumstances:

If a will leaves an amount of money to a child and unfortunately, the child is still a minor, the money will be held by someone for his or her sake; or

You want to save money for the future sake of your child but want to assure that the money will invest more as it continue to be safe while the child is still under the age of twenty-one

A custodian’s service will suddenly end if the child reaches the legal age for handling their business’ finance or properties, or for doing the activities that his or her custodian has done.

Custodian, Release by Minor

_________________________, referred to as CUSTODIAN and _________________________, referred to as MINOR, agree:

CUSTODIAN has been acting in the capacity of custodian of property gifted to the MINOR under the _______________________________________.

MINOR has now reached the age of majority, and under the ______________________________ is entitled to possession of the property outright.

MINOR acknowledges receipt of the property so maintained by custodian, as follows:
_____________________________________________________________________

with a value of $_______ (_________________________ & _________/100 dollars).

MINOR has had adequate opportunity to examine the records related to the custodianship, and has determined that the property has been properly maintained by CUSTODIAN as provided by the law, and therefore, CUSTODIAN is fully and completely discharged and shall have no further duties or responsibility herein.

Dated: _______________________
_____________________________________
_________________________ By Minor (former)

 

_____________________________________
_________________________ By Custodian

Custodian, Release by Minor
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. This Release is an important document for the Custodian to obtain from the former minor upon reaching their majority, normally 21. If the Custodian relationship extends until the minor reaches an older age, often 25, then the same document should be signed at the same time the property is turned over. The examination of property should precede the turnover, very much as in a real estate transaction.

This is an important agreement to have signed for the benefit of parents with their minor children so there are no later disputes about this issue, especially with families having trusts. In a very practical sense, it virtually eliminates the opportunity for this to be used as a wedge in later matters regarding estates or other issues.

1. Make multiple copies. Have a notary witness the transaction if possible.

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