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Simple English definitions for legal terms
Transfers to Minors Act
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A quick definition of Transfers to Minors Act:
The Transfers to Minors Act, also known as the Uniform Transfers to Minors Act (UTMA), is a law that allows adults to give property or money to a minor. The adult can choose a custodian to manage the property and use the income to support the minor. Most states have adopted this law, which was created in 1983 and revised in 1986.
A more thorough explanation:
The Transfers to Minors Act, also known as the Uniform Transfers to Minors Act (UTMA), is a law that allows property to be transferred to a minor. The act permits a custodian to manage investments and use the income from the property for the minor's support.
For example, if a grandparent wants to give money to their grandchild, they can transfer the money to the child's UTMA account. The custodian, usually a parent or guardian, can then manage the money until the child reaches a certain age, usually 18 or 21 depending on the state.
The UTMA has been adopted in most states and was revised in 1986. It was formerly known as the Uniform Gifts to Minors Act or Gifts to Minors Act.