An Easy Way to Transfer Assets to a Minor
The Uniform Transfers to Minors Act (UTMA) allows you to transfer assets to a child. With a UTMA Custodianship from Ridgewood Savings Bank, you serve as custodian, managing the account until the child, who is the primary account holder, reaches the age of 18 or 21. Opening a UTMA Custodianship can provide tax advantages and is simpler than creating a trust.
What You’ll Need
Opening your UTMA Custodianship is easy. Just bring the following items into your nearest Ridgewood branch:
- Your photo ID
- Your Social Security number
- Proof of your New York State address
- The minor’s Social Security number and date of birth
We encourage you to name a successor who can take over as custodian on the account if necessary.
Why Choose Ridgewood?
Your unique financial situation calls for a unique financial institution. Since 1921, Ridgewood Savings Bank has been here to serve our fellow New Yorkers. We offer the convenience you expect from a big national bank, paired with personalized service that only a community bank can offer.
Check cashing is not permitted on UTMA Custodianships. No direct transfers may be made to accounts without minor’s name. Custodian may not grant power of attorney over this account. UTMA Custodianships can only be a Savings or Certificate of Deposit Account. Other restrictions and conditions may apply.