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Q. When can you withdraw money from a custodial account?
As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can’t take the money back yourself, or give it to someone else. Some examples of eligible expenses include college or high school tuition,…
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Q. What happens when the beneficiary reaches age of majority?
The age of majority generally varies between 18 and 21 years of age and is determined by the state law of the custodian’s state of residence. Once a child reaches the age of majority, the funds are directly available to them to use at their own discretion.…
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