Indiana Gift of Unregistered Securities pursuant to the Uniform Gifts to Minors Act
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How to fill out Gift Of Unregistered Securities Pursuant To The Uniform Gifts To Minors Act?
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Age of Majority and Trust Termination StateUGMAUTMAHawaii1821Idaho1821Illinois2121Indiana182149 more rows
How does an UTMA account work? An adult opens the UTMA account and contributes to it on behalf of a minor beneficiary. The custodian manages the account until the minor comes of age. All custodial assets transfer to the UTMA beneficiary.
The Uniform Gifts to Minors Act (UGMA) allows individuals to give or transfer assets to underage beneficiaries. The act, which was developed in 1956 and revised in 1966, is commonly used to transfer assets from parents to their children.
By law, a minor cannot inherit directly from your estate. Therefore, an adult must protect and manage a child's inheritance and/or gifts made to a minor until the child is old enough to inherit directly.
Depending on the state and account specifications, the beneficiary of an UGMA or an UTMA could receive the money in the account between age 18 to age 25. UTMAs allow virtually any asset to be transferred, while UGMAs only allow securities, insurance policies, and cash.
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.
