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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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triplethread
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i dont think I will get a decision yet bc i applied like two weeks ago
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berk today pls
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JumpySubsequentDolphin
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does WUSTL send emails or call?
JumpySubsequentDolphin
11:09
or both?
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I got a call first
JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
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triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
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