Navigating The Transfer of Custodial Accounts with Thinkorswim

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Navigating The Transfer of Custodial Accounts with Thinkorswim

Understanding Custodial Account Transfers

Custodial accounts are set up under specific laws such as the Uniform Transfers to Minors Act (UTMA). These accounts are managed by a custodian until the beneficiary reaches a certain age, typically 18 or 21 depending on the state. Once the beneficiary reaches this age, they become eligible to assume control of the account. It is important to note that any transfer forms submitted before the beneficiary reaches the eligible age cannot be accepted.

Transition Process

The account custodianship ends on the beneficiary's birthday, making them eligible to take control of the account. However, account access remains restricted until instructions are received from the beneficiary. If no instructions are received within 90 days after the beneficiary's birthday, the account is re-registered in their name. Access to the account remains restricted until the appropriate forms are completed and submitted by the beneficiary.

Next Steps with Thinkorswim

If you choose to keep the custodial account with Thinkorswim, you will need to follow specific guidelines outlined by the company. Alternatively, if you wish to transfer the account to another financial institution or close the account to request a check for the funds, different procedures will need to be followed. Detailed information on the next steps can be found in the Custodian Worksheet provided by Thinkorswim.

Further Assistance and Resources

For any questions or assistance regarding custodial accounts and transfers, you can contact Thinkorswim at 800-435-4000. Additionally, Thinkorswim provides a wide range of resources, including Schwab MoneyWise, an award-winning website with tools and tips for financial management. You can also reach out to a Client Service Specialist to discuss your financial needs and options.

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