Uniform Transfers to Minors Act(UTMA)
Law
body of laws governing gifts of property to minors. It was developed as the Uniform Gifts to Minors Act by a national commission on uniform state laws and subsequently adopted, with minor variations, by every state. It was later revised and given its present name. The state laws based on the Act typically permit the selection of a property custodian in lieu of a court-supervised guardianship. The custodian is charged with managing the property wisely on the child's behalf, including making secure investments, keeping accurate records, applying income toward the child's support, and not mixing the property with the custodian's own. The custodian's responsibilities end when the child reaches majority age.
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“Uniform Transfers to Minors Act.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/Uniform%20Transfers%20to%20Minors%20Act. Accessed 26 Nov. 2024.
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