Transfer your UGMA/UTMA to the beneficiary
It's time to transfer the assets in your UGMA/UTMA to the beneficiary. Just select "Change registration" to complete our quick online form. From there, we'll finish the 3-step process with the beneficiary.
In just minutes, fill out and e-sign our simple change of registration form. Here's the information you'll need:
- Beneficiary name
- Beneficiary Social Security number
- Beneficiary email address
- Beneficiary phone number
With Step 1 complete, your work as the account custodian is done.
Now it's the beneficiary's turn to complete the forms. Fidelity makes it easy—we'll email the beneficiary for their instant e-signature using the DocuSign Online Signature Service.
The beneficiary can sign on any device—no faxing, no waiting, and no paper—with the fully encrypted forms returned to us immediately.
To help speed things along, tell the beneficiary to be on the lookout for the online documents we'll be emailing to the address you provided. Your beneficiary simply needs to take a quick minute to provide their online signature, then it's on to the final step.
If everything's in order, within 5–7 business days, we'll deposit the UGMA/UTMA assets right into the beneficiary's account. Simple as that.
What if I don’t want to turn the assets over to the beneficiary?
The account will remain open until you initiate the transfer; however, there will be restrictions on the activities permitted in the account. These include a restriction on new deposits. You will be allowed to sell your existing holdings, but you will not be able to purchase new positions or add to existing positions.
What if the beneficiary already has a Fidelity account?
If the beneficiary already has an existing Fidelity account, we may be able to process your transfer more quickly over the phone. Just call a Fidelity associate at 800-343-3548 today.
What does the restriction do?
The restriction limits certain activities. Generally speaking, that means that liquidating trades and disbursements to the named beneficiary are permitted, but new deposits and opening trades are not.
Can I transfer to another broker?
The assets must be transferred to the beneficiary. Transfer of assets (TOA) is not available because TOAs require a transfer to a like registration. Alternatively, the funds can be wired or sent via check as long as they are payable to the beneficiary. Or the assets can be transferred to an account for the beneficiary at Fidelity and the beneficiary may then make disbursements or transfers.
What account types are affected?
UGMA, UTMA, Custodial 529 accounts and Roth IRAs for minors.