Uniform Transfers to Minors Act (UTMA)

Transfers to minors can pose significant challenges. Many transferors do not want to place valuable property in the control of minors, and third parties often do not wish to deal with minors. The UTMA offers a custodianship, in an adult or appropriate institution, of property that otherwise transfers directly to a minor. The custodianship remains until the minor becomes 21. The custodial relationship is created by executing a simple document which is provided in the Act itself. The minor does not obtain control of the property. The custodian has certain statutory authority to deal with it on the minor’s behalf, and third parties have no occasion to be uncertain about dealing with the custodian. The transfer is a complete and irrevocable transfer to the minor, satisfying the requirements of tax law.

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Reference: Uniform Transfers to Minors Act (UTMA)