Delaware Transfer under the Uniform Transfers to Minors Act - Multistate Form
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How to fill out Transfer Under The Uniform Transfers To Minors Act - Multistate Form?
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FAQ
Generally, the UTMA account transfers to the beneficiary when they become a legal adult, which is usually age 18 or 21, but it can be later. The age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.
529 plans and Coverdell Education Savings Accounts offer greater tax advantages than UGMA / UTMAs for saving larger amounts of money, but they all require expenditures on education. If you want an account that offers more flexibility in how you spend the money, an UGMA / UTMA might be the right fit.
The Uniform Gifts to Minors Act (UGMA) allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. UGMA allows the property to be gifted to a minor without establishing a formal trust.
Use this form to transfer the custodianship of a Uniform Gifts to Minors Act (?UGMA?) or Uniform Transfers to Minors Act (?UTMA?) account when the minor has reached the age of majority under appropriate state law.
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
UTMA withdrawals and tax rules UTMA accounts have no withdrawal limits. However, the funds belong to the minor from the moment of transfer, so the funds can only be used for the direct benefit of the minor.
A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is an account into which property is set aside for a minor's benefit. Whether a UGMA or UTMA account is used depends on the law of the state in which the account is established.
