Surrendering Control to a Minor
The funds or assets in an UTMA or UGMA account are surrendered to a child when they reach the age of majority specified by the act in their state. In some instances, if the UGMA and UTMA ages are different, the child may be able to access one account but may not be able to access another account. Here are some examples:
Kentucky and Maine - When Kentucky and Maine adopted the Uniform Gifts to Minors Act, the age of majority in those states was 21. Subsequently, the age of majority was lowered to age 18. When the Uniform Transfers to Minors Act was adopted in 1986 in Kentucky, the age that the child was able to receive new funds was lowered to 18. In Maine, the new statutes were adopted in 1988;
California Exception - The State of California has an exception to the age of majority. Custodians may specify an age up to age 25 before the minor is allowed to remove funds from the account; otherwise they may withdraw funds at age 18;
New York - For residents of New York, the question what is the age of trust termination of an UTMA account in NY has a simple answer. When New York observed the UGMA rules, the minor as allowed access to funds at age 18. In July of 1996, New York adopted the UTMA rules which increased the age to age 21.
What this means:
Today, since most states no longer have UGMA accounts on the books. This is because most minor accounts were liquidated and provided to the minor. The last states to adopt the UTMA rules were Michigan and Rhode Island. Today, Vermont and South Carolina still use UGMA rules, they are the last two states. However, if the minor was 18 years of age and they still had funds in both an UTMA and UGMA account, they may not be able to secure the funds from both accounts.