Uniform Transfers to Minors Act in IL I was doing my taxes yesterday and I got this statement sent to me from my home address from my mom. I'm in another state now. It was a tax statement, the 1099, about an account that my father opened for me - apparently a UTMA custodial account in Illinois that I didn't know about. It says on the statement '(dad_Name) cust for (my_name) UTMA/IL until age 21'. I am 23.

I got charged tax on this and its a really large amount of money. I asked him about it and he gave me a weird answer saying he 'closed' and 'sold' all the securities from the account, implying the account is no more. But I see the statement on the tax forms of all the money that seems to have been traded. 
For these custodial accounts, is it possible to just close the account and take the money out? If he sells the stocks/bonds/securities in the account, doesn't it just turn into cash and sit in the bank? Is he even allowed to legally withdraw it if it is legally mine now?