Florida Extends UTMA Age to 25 (Kind Of)

Florida extended the possible termination date for an UTMA custodianship, but it also gave the beneficiary the option to end it early.

Florida Statute. §710.123 now allows Florida residents to create an UTMA custodianship that will end when a young beneficiary reaches any age from age 21 to age 25. However, the new law also says that if the termination age is over age 21, the custodian must give the beneficiary the opportunity to terminate the custodianship (and receive custodial property outright) within a month of the beneficiary’s 21st birthday. In other words, even if you want a young beneficiary’s property management to end at age 23, the beneficiary can choose to take the gift two years earlier. To avoid this possibility, use a child’s trust instead, or get help from an experienced Florida estate planning attorney.