[WSBAPT] UTMA set up by mistake

[Kokie Adams]

I haven't run into that specific issue, but in my experience the custodian can take funds out of the account?  I know I took out funds for my niece's education and my sister did the same.  Maybe if she simply removes some funds without trying to close the account?

Kokie Adams

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Sharon Rutberg
Sent: Wednesday, August 5, 2020 2:48 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] UTMA set up by mistake

Hello, Listmates -

Client misunderstood some advice (or got some bad advice) and gifted money into an UTMA account for a teenage family member, naming herself as the custodian. What she really wanted to do was to make the gift via her Will. She is now concerned that the child will receive the assets outright within only a few years. She would like to take the money back out of the UTMA, but the bank refuses to release the funds to her. Has anyone run across this type of problem? Wondering if there is a solution for her.

Thanks,
Sharon

Sharon C. Rutberg, Attorney at Law
Salmon Bay Law Group, PLLC
1734 NW Market St.
Seattle, WA 98107
206-735-3177, ext. 2
sharon at salmonbaylaw.com<mailto:sharon at salmonbaylaw.com>
Website: www.salmonbaylaw.com<http://www.salmonbaylaw.com/>
Washington State Bar #47055

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