Manner of Creating Custodial Property: This form creates and/or assigns a particular custodian to a minor upon the death of the Grantor. The property granted to the minor, would be managed by the appointed custodian until the minor reaches the age of majority.
TMA (Uniform Transfers to Minors Act) age of majority varies by state, determining the age at which a minor gains control over assets transferred to them. This legislation allows individuals to gift property to minors, which is held in a custodial account until the minor reaches the age of majority. While the specifics of the TMA age of majority laws vary from state to state, all states have enacted versions of this act. Let's explore some different types of TMA age of majority by state: 1. California TMA Age of Majority: In California, the age of majority under the TMA is 21 years. 2. Texas TMA Age of Majority: In Texas, the TMA age of majority is set at 21 years. 3. New York TMA Age of Majority: New York follows a unique provision where the TMA age of majority is determined as 18 years or 21 years, depending on the assets involved. 4. Florida TMA Age of Majority: In Florida, the TMA age of majority is typically set at 21 years. 5. Illinois TMA Age of Majority: Illinois also sets the TMA age of majority at 21 years. 6. Pennsylvania TMA Age of Majority: In Pennsylvania, the age of majority under the TMA is 21 years. 7. Ohio TMA Age of Majority: Ohio follows the majority rule and sets the TMA age of majority at 18 years. It is important to understand that the specific age of majority for TMA accounts can change over time as states revise their legislation. Some states might provide provisions that allow for different ages depending on the assets involved. It's crucial to consult the laws of your specific state to determine the accurate TMA age of majority.
