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Loren
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Category: Business Law
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Experience:  30 years experience representing clients .
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I have a UMTA/UGMA bank account with both of my parents as

Customer Question

I have a UMTA/UGMA bank account with both of my parents as custodians. The account originated in Illinois, but I live in Indiana. Parents will not sign over the account. How can I petition the courts (Indiana or Illinois) for control of the account?

I am no longer a minor.  I am 25 years old.  The "Age of Majority" in Indiana/Illinois for this type of account is 21.
Submitted: 3 years ago.
Category: Business Law
Expert:  Loren replied 3 years ago.
The custodian has no choice in the matter. Present this statute to them and let them know you will file a complaint with the Illinois Department of Financial Institutions if they do not comply:


    (760 ILCS 20/21) (from Ch. 110 1/2, par. 271)
    Sec. 21. Termination of Custodianship. (a) The custodian shall transfer in an appropriate manner the custodial property (to the extent that it has not been used pursuant to this Act) to the minor or to the minor's estate upon the earlier of:
    (1) the minor's attainment of 21 years of age with respect to custodial property transferred under Section 5 or 6;
    (2) the minor's attainment of majority under the laws of this State other than this Act with respect to custodial property transferred under Section 7 or 8; or
    (3) the minor's death.
    (b) To the extent the custodial property is real property or an interest in real property, no conveyance or delivery to the minor or to the minor's estate is necessary to terminate the powers or rights of the custodian upon the minor's attainment of age 21 or 18 years, as the case may be, or upon the minor's death.
(Source: P.A. 84‑1129.)
Loren, Attorney
Category: Business Law
Satisfied Customers: 20323
Experience: 30 years experience representing clients .
Loren and 10 other Business Law Specialists are ready to help you
Customer: replied 3 years ago.

I found out that the account was originated in Indiana not Illinois. It is not a UMTA/UGMA account, but is still a custodial account with both of my parents on it.

I asked the bank what type of account it was and they said it wasn't specifically a UMTA or UGMA account, but it is a custodian account.

Am I out of luck?

Expert:  Loren replied 3 years ago.
Yes, if it is a general custodial account, your the custodians, presumably your parents, do have say over the funds. It is not the same as a UTMA or UGMA.

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