Hello,

A minor owned Roth IRA was set up for a 16 year with a parent acting as the custodian. The minor is now an adult and is 24 years old. The account is still in the custodial registration with the parent listed as the signor on the account. If the 24 year old is okay with leaving it in this registration where the parent is the signor on the account, is this okay? Is there any rule or law that requires the custodian to transfer the account into the minor’s own name once they become an adult?

To clarify….this is NOT an UTMA account….its a minor owned Roth IRA