SIE practice questionmediumAccount Types – UGMA/UTMA
Which of the following is NOT a characteristic of a Uniform Transfers to Minors Act (UTMA) account?
- AOnly one custodian is permitted per account
- BAll gifts to the account are irrevocable
- CThe account has a custodian until the age of majority
- DThe minor can control the account at any age✓ Correct answer
Explanation
Why D — The minor can control the account at any age
A minor cannot control a UTMA account until reaching the age of majority (or later if state law allows). Gifts are irrevocable, a custodian manages the account, and only one custodian per account is allowed.
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