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Do I need to transfer a stock certificate into my name if I am listed as a minor from a trust after I turn 21? |
I don't really know anything about investment or accounting, so I was just wondering if anyone could help me. My parents set up a trust account for me when I was 10 or so, and in the account is shares of various companies. Now that I am over 21 (actually 25), I want to sell off some of these shares. They are all listed on the certificates as "Parent Name C/F My Name UTMA/NY". My question is, to sell these, do I need to get the names changed on the certificate to list me as the owner, or do I automatically assume control at 21? Heyteach, you were correct, it's just taking me a while, but the terminology is a little confusing. I called up the investment management company with this in mind, and they told me I need to complete the stock transfer from trust form to individual ownership (my name), submit the certificates, then write a letter requesting they convert the physical certificates to "book entry form" (I think this is the same as DRP, as you indicated). There are three ways to hold stocks: street name (what most folks do because it's simplest), direct registration, or physical certificates. You've got the last and it makes it harder to sell the shares, but not impossible: |
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