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Transfer Under The Massachusetts Uniform Transfers to Minors Act

Utma Age Of Majority By State

Name: Transfer Under The Massachusetts Uniform Transfers to Minors Act
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.79 (380 reviews)

Category:

Massachusetts Family Law - Minors - Custodial Trust Act

State:

Massachusetts

Control #:

MA-02209

Format:

Instant download

Description Massachusetts Utma Form

Transfer Under The Massachusetts Uniform Transfers to Minors Act: This form simply states that a transfer of land, and/or other property, has been made to a minor. Until the minor comes of age, the property will be taken care of by his/her Custodian. This form is available in both Word and Rich Text formats.

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Utma Account Massachusetts Form Rating

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FAQ

Virtually all states have adopted some form of UTMA that allows you to make gifts to a minor to be held in the name of a custodian during the age of minority. On reaching the age of majority, usually 21 years, the minor is entitled to all assets held in the account.

There is no ability to transfer a UGMA or UTMA account to another child or to change beneficiaries. You are not supposed to use a UTMA-529 or UGMA-529 account conversion to change the beneficiary either because that would equate to giving your child's money to someone else.

Generally, the UTMA account transfers to the beneficiary when he or she becomes a legal adult, which is usually 18 or 21. However, the age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.

As the custodian of a UTMA/UGMA account, a parent can withdraw money whenever needed to benefit the child.

The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee.The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age.

The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and expensive establishment of a formal trust. A UGMA account is managed by an adult custodian until the minor beneficiary comes of age, at which point he assumes control of the account.

Utma Age Of Majority By State

Description Massachusetts Utma Form

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How to fill out Transfer Under The Massachusetts Uniform Transfers To Minors Act?

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FAQ

What happens to a UTMA account when the minor turns 21?

How do I transfer my UTMA account to my child?

At what age do UTMA accounts transfer?

Can parent take money out of UTMA account?

What does the Uniform Transfers to Minors Act establish?

Can you transfer a UTMA account?

How does the Uniform Gift to Minors Act work?

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