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Contact Us: 800-304-7404.
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Minor Has Reached Age of Majority
Look into the laws of the state in which you reside - age of majority varies by state. Please follow the steps below to re-register a custodial account to the former minor.
· When transferring the Uniform Transfer to Minor Account to the former minor we require either a Signature Guarantee or Financial Notary
· Only the custodian listed in the registration can instruct us to remove themselves as custodian and transfer to the minor for Uniform Transfer Minor Account (UTMA)
· All forms need to contain original signatures and be mailed to us at one of the mailing addresses provided on the form
The registration needs to be updated because…
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Instructions and Forms I need…
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What else I need to know…
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I would like to remove the custodian on the UTMA account to taxable owner who has reached age of majority
*Example of what the registration looks like on your statement:
JOHN SMITH CUST
JOE SMITH
UNIF TRANSFER MIN ACT
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· For the current custodian to update the account from a UTMA to an individual account please complete the Change of Registration Form
· If the former minor wants to change options on account (add a bank account, enroll in eDelivery, etc.), please also complete the New Account Application
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· We can accept a Financial Notary from a commercial bank. Please include business card or contact information of the bank representative that provided the Notary.
· The Current custodian must authorize the change from UTMA to an individual account
· Need to find a financial institution to guarantee your signature? Click here
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I would like to remove the Guardian on my IRA since I have reached the age of majority
*Example of what the registration looks like on your statement:
JOE SMITH IRA
JOHN SMITH GDN
· If minor is over age 25 and guardian is still acting on account, request must be reviewed with Risk Management & Regulatory Support department to deal with on a case by case basis.
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· For the former minor to remove the guardian since you are now of age of majority, please complete a Letter of Instruction online instructing us to remove the guardian, or fill, print and sign one here.
· You must also include a certified copy of your birth certificate (Fax / Photocopy / Original)
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· A signature guarantee or financial notary is not required to remove the guardian from a Minor IRA
· We can send your original documents back to you after review, simply include a request to mail them back in your letter of instruction
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I would like to remove the Guardian on my CESA account since I have reached the age of majority
*Example of what the registration looks like on your statement:
JOE SMITH COVERDELL ESA
JOHN SMITH GDN
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· For the former minor to remove the guardian since you are now of age of majority, please fill, print and sign a Signature Guaranteed Letter of Instruction, instructing us to remove the guardian.
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· Need to find a financial institution to guarantee your signature? Click here
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Before investing, consider the fund's investment objectives, risks, charges and expenses. Please call 800-304-7404 or visit http://www.mairsandpower.com for a prospectus or, if available, summary prospectus, containing this information. Read it carefully.
Mairs & Power Funds and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.
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