Dartmouth, Massachusetts Living Together Law Center attorney, Andrew Garcia answers the question: When can my child get the money in the UTMA custodial account I created?
Many parents create UTMA accounts for their kids when they are young. In fact, raise your hand if you’ve created an UTMA custodial account for your minor child? (UTMA, by the way, stands for the Uniform Transfer to Minors Act under Massachusetts General Laws Chapter 201A).
I know that many of you have because I see it all the time in my Family Legal Planning practice. And, the question that always comes up is “when” can my child get the money in that custodial account?Well, the answer generally is when he/she turns 21.