UTMA ACCOUNT

State Street Bank understands the importance of planning for your children's future. That's why we offer Uniform Transfers to Minors Act (UTMA) accounts, designed specifically for parents who want to establish an account for their children without joint ownership. UTMA accounts provide a seamless way to save and invest for your child's financial needs while maintaining control over the funds until they reach adulthood.

What is the UTMA?

The Uniform Transfers to Minors Act (UTMA) is a legal framework that allows parents, guardians, or other individuals to transfer assets to minors without needing a trust. Under the UTMA, assets are held in a custodial account for the minor until they reach the age of majority, at which point, ownership of the assets is transferred to the minor (initiated by the custodian).

Key Features of State Street Bank's UTMA Accounts:

1. One Custodian per Minor: With State Street Bank's UTMA accounts, you can designate one custodian per minor. This custodian will control the funds in the account and be responsible for managing the investments on behalf of the minor.
2. Successor Custodian: If the original custodian cannot fulfill their duties (e.g., due to death or incapacity), a successor custodian can be named to step in and manage the account. This ensures continuity and protection of the minor's assets.
3. Control and Ownership: While the custodian controls the funds in the UTMA account, it's important to note that the assets legally belong to the minor. The custodian manages the investments and makes decisions regarding withdrawals or distributions in the minor's best interest.

Illinois UTMA Law:

In Illinois, the age of majority is 21 years old. This means that once the minor reaches age 21, they gain full control and ownership of the assets held in the UTMA account. At this time, the funds can be used for any purpose deemed appropriate by the now-adult beneficiary.

Start Planning for Your Child's Future Today:

State Street Bank's UTMA accounts offer a convenient and secure way to save and invest in your child's future. With flexible investment options and the assurance that your child's assets are protected, you can have peace of mind knowing that you're setting them up for financial success.

Contact us today to learn more about our UTMA account and how you can start planning for your child's financial future with State Street Bank.