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I am custodian of a UGMA for a friend of mine. She is 14 now and my hope is she uses it for college expenses. Here in NJ, I have to turn it over to her when she is 21. There are some rules that would permit me to give some to her earlier than that, but I hope not to.

When the time comes, do I just notify my broker that it is hers? I assume she needs to open an account there (unless she wants it all out in cash). Assumning she has an account at the time, do I just do a transfer from her UGMA to her cash account? Or can she get title to the account that is now titled UGMA FBOmyFriend?
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