[WSBAPT] UTMA to age 23 permitted?

[Heather deVrieze]

I have always understood it to be multiple choice 18 or 21 or 25. I also discovered that (at least with the financial institutions I talked to) you can't open a UTMA account once they have turned 18.

Heather

Heather S. de Vrieze
Attorney-at-Law
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Seattle, WA 98116-3705
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heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Cyrus Field
Sent: Thursday, November 16, 2017 3:36 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] UTMA to age 23 permitted?

Folks- I am revising an estate on short notice due to unexpected serious surgery and we are completing the IRA designation forms. Client wants grandchildren as contingent beneficiaries and I'm working on Nomination of Custodianship appointments pursuant to Wa's UTMA. Client wants custodianship to terminate at age 23, not the usual 25. I thought that was permissible until I looked at 11.114.200(2) which says the transferor in the nomination may extend the custodianship "to  the earlier" of the minor attaining 25 yoa or death, not "up to". As such I am not sure age 23 is permissible and my handy legal resources are not much help. Anyone out there know off the top whether a custodianship can terminate between 21 or 25 yoa? Thanks in advance, Cy

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)
phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640 Mullis St. Friday Harbor, WA
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