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Transferring a Custodial Account

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Under the laws that govern custodial accounts, including the Uniform Transfers to Minors Act (UTMA), account custodianship ends and the beneficiary becomes eligible to assume control of the account at a specified age—typically 18 or 21, depending on the state.

At that time, he or she will need to take one of the actions below in order to assume control of the account.

Important Note: We can't accept any forms signed or received before the beneficiary reaches the eligible age, typically 18 or 21 depending on the state.

Dates to remember:

On the beneficiary's birthday

  • Custodianship ends.
  • The beneficiary becomes eligible to assume control of the account.
  • Account access is restricted until we receive instruction from the beneficiary.
  • Schwab One® checks, MoneyLink®, and any other automatic payment services end.

90 days after the beneficiary's birthday

  • If we haven't received instructions from the beneficiary, the account is reregistered in his or her name.
  • Access to the account will remain restricted until we receive the appropriate form(s) from the beneficiary.

Questions: Call 800-435-4000 for help with a custodial account.

Take the next step.

Schwab is here to help with the account transition. The beneficiary has three options:

If you'd like to:
Then you'll need to:
Option 1 Keep the account at Schwab FOR BROKERAGE ACCOUNTS

FOR IRAs
Option 2 Transfer the account to another financial institution FOR BROKERAGE ACCOUNTS

 
FOR IRAs
Option 3 Close the account and request a check for the funds FOR BROKERAGE ACCOUNTS

 
FOR IRAs
  • Complete the IRA Distribution Request Form.
  • Select the "Check" option.
  • Note: You may want to consult a tax professional regarding possible tax consequences.

A more detailed explanation of next steps can be viewed on the Custodian Worksheet.

We're here to help.

Find a wealth of resources to help you better understand how to manage and plan for financial well-being: 

SchwabMoneyWise.com is our award-winning website, featuring articles, quizzes, calculators, and tips to help build a strong financial foundation. 

You can also call a Client Service Specialist at 800-435-4000 anytime to discuss your options and financial needs.