I am 18 and the ben of an UTMA. The sole custodian of account is my grandfather who died 8 years ago. Wells Fargo will not release funds in UTMA to me until I go to court to have a successor custodian appointed. Is this really the law in CA?
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I am 18 and the ben of an UTMA. The sole custodian of account is my grandfather who died 8 years ago. Wells Fargo will not release funds in UTMA to me until I go to court to have a successor custodian appointed. Is this really the law in CA?
18 is age of majority in CA for UTMA accounts. I don’t believe I legally have to go to court to have a successor custodian appointed.
Asked on January 20, 2018 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
No, Wells Fargo is not right. Under the California laws, a UTMA account passes outright to a child when he or she turns 18. However, it depends on the wording of the UTMA. If it says in the title "until 21" then it passes outright at 21 AND?OR if it is established as part of a trust or Will it can be age 25. See how yours is worded. That may be why Wells Fargo says you need a successor custodian if you are trying to access the funds. See what it says. Good luck.
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