[Fredslist] Terminating an UTMA account at Merrill Lynch:

[Phyllis Dubrow]

Dear Gothamites,

 

A client discovered at age 27 that her now-estranged father set up an
account for her at Merrill Lynch under the NYS Uniform Transfers to Minors
Act.  MY understanding has been that she should have been able to access the
account at age 21.  

 

Merrill Lynch says they require the custodian, her father, to resign and to
authorize transferring the account to the beneficiary.  Her father, however,
won't sign the resignation form.

 

I spoke to an advisor at another Merrill Lynch office.  She confirmed that
that's the policy, but she couldn't show me any document that states it.

 

Has anyone had an experience terminating an UTMA account - either at Merrill
Lynch or anywhere else?   Is Merrill Lynch's policy unusual, or universal?

 

Thanks for any insight.

 

Best,

Phyllis

 

Phyllis E. Dubrow | Attorney at Law

60 East 42nd Street, Suite 4600 | New York NY 10165

T: (212) 661-2885 | F: (212) 409-8602

 

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