Age of majority
The age of majority is when a minor becomes an adult. The age varies by state, but is usually either 18 or 21. After a minor reaches the age of majority, the funds in their custodial account¹ are theirs to use at their own discretion. The custodian will no longer have control over the funds.
After the minor reaches the age of majority (please confirm age of majority with the state list below), reach out to us through phone or email explaining you would like to initiate an asset transfer to the minor. We will provide a form to fill out and get notarized to complete the process.
Age of majority by state (or territory):
– District of Columbia
– New Jersey
– North Carolina
– South Dakota
– New Hampshire
– New Mexico
– New York
– Rhode Island
– South Carolina
– Virgin Islands
– West Virginia
Want more information on custodial accounts, including how the transfer of assets works? Check out this article on Stash Learn.
DISCLOSURES¹The adult (or Custodian) who opens the account can manage the money and investments until the minor reaches the “age of majority.” That age is usually 18 or 21, depending on the Custodian’s state. The money in a custodial account is the property of the minor. Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child. This type of account at Stash is a Non-Discretionary Managed account.
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