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Simple English definitions for legal terms

UGMA

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A quick definition of UGMA:

UGMA stands for Uniform Gifts to Minors Act. It is a law that allows adults to give money or property to children. The law also lets a grown-up called a custodian take care of the money or property until the child is old enough to use it. The custodian can use the money to help the child with things they need. Most states have this law, and it was updated in 1986. It used to be called the Gifts to Minors Act.

A more thorough explanation:

UGMA

UGMA stands for Uniform Gifts to Minors Act. It is a law that allows adults to give money or property to a minor (someone under 18 years old) without setting up a trust. The adult can appoint a custodian to manage the money or property until the minor reaches a certain age.

The law was created in 1956 and has been adopted by most states in the US. It was revised in 1986 and is now known as the Uniform Transfers to Minors Act (UTMA).

Example 1: John wants to give his 10-year-old niece, Sarah, $10,000 as a gift. He can use UGMA to transfer the money to Sarah without setting up a trust. He appoints his sister as the custodian to manage the money until Sarah turns 18.

Example 2: Mary wants to give her grandson, Jack, a piece of land worth $50,000. She can use UGMA to transfer the property to Jack without setting up a trust. She appoints her son as the custodian to manage the property until Jack turns 21.

These examples illustrate how UGMA allows adults to give money or property to minors without setting up a trust. The custodian appointed by the adult manages the money or property until the minor reaches a certain age. This helps ensure that the money or property is used for the minor's benefit and not wasted.

UFTA | UHCDA

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soyalmondoatmilk
15:57
OMG I LOVE SWEETGREEN
shaquilleoatmeal
15:57
lmaooo oh man i gotta find a way to make a long story short - sg it is ! What do you guys usually get? I'm tired of my same old same old
soyalmondoatmilk
15:57
i love the harvest bowl
soyalmondoatmilk
15:57
their salmon is good too
shaquilleoatmeal
15:58
@babycat: you gonna be on later tonight? i gotta get home, shower, and then I can hop back on and give you the break down lmao
shaquilleoatmeal
15:58
i dont know how much i trust salmon from quick take out spots so i've never tried it there. Harvest bowl is OG and always good for when you need a quick decision
soyalmondoatmilk
15:59
that's so fair. i love their roasted sweet potatoes and spicy cashew dressing--highly recommend
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
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