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Whenever a donor makes the decision to establish a 529 UGMA (Uniform Gifts to Minors Act) account, the provider of the account must bear in mind tat the money put into the account is owned by the child and cannot be used by the parent or custodian for any other person. The child will not receive the control of the account until he or she reaches a certain age. This rule was instituted by the state government. Despite this, the parent can use the money for the child’s benefit before he reaches termination age. If you suspect that the beneficiary of the 529 UGMA account will decide not to use the account for educational purposes, then do something about it.Now, one thing that the donor or custodian cannot legally do is to use the funds from the account for shelter, clothing, or food for the child’s benefit because these are considered parenting obligations. But, the money can be used for education equipment or tuition for the child. Whatever money is left in the account when the child becomes an adult can be used for whatever the beneficiary wants. Young people do not always make the greatest decisions—their lack of life experiences and ability to establish priorities can cloud their judgment. The bottom line is some young adults are responsible and some aren’t. the donor or parent should be aware that he or she cannot withdraw and use any of the 529 UGMA account funds for himself or herself.In order to set up one of these custodial accounts, the supplier of the funds for the account needs to select a trustee or custodian to be over the account until the minor reaches the age of termination. The custodian’s responsibility is to be the manager over the 529 UGMA account and see that is is properly used for the benefit of the child. It is not the custodian’s right to spend or use the money as he pleases.Upon the minor’s reaching termination age, he has the right to approach the custodian and request control of the account. If the parent can be fairly sure that the beneficiary will spend the account money properly, then a 529 UGMA account is a great idea for saving money for college. It is your choice—choose carefully. Article Tags: Ugma Account
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