What is a uniform transfer to minor account?

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.

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Mississippi
Transfer of Property under the Uniform Transfers to Minors Act

Mississippi Transfer of Property under the Uniform Transfers to Minors Act

Category:

Family Law - Minors - Custodial Trust Act

State:

Multi-State

Control #:

US-00580BG

Format:

Instant download

Description

The following form is a simple transfer of personal property pursuant to the (UTMA). It also provides for a receipt to be signed by the Custodian.

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

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FAQ

All states in Region IX have repealed the UGMA and adopted the UTMA: Arizona effective 09/30/88, California effective 01/01/85, Hawaii effective 07/01/85, and Nevada effective 07/01/85.

It is interesting to note that South Carolina is presently the only state in the United States to continue to have on its books a version of the Uniform Gifts to Minors Act (the ?UGMA?) ? as every other state in the country has enacted a version of the more modern Uniform Transfers to Minors Act (UTMA).

The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed ...

The Uniform Transfers to Minors Act (UTMA) allow an adult to: (1) contribute to a custodial account (an account in a minor's name created at the credit union for the benefit of a minor, with an adult as custodian) without the legal need to establish a trust or name a legal guardian, and (2) transfer real estate and ...

Eight states (Florida, Virginia, Washington, Alaska, Ohio, Oregon, Pennsylvania and Tennessee) have their UTMA age of majority from 21 to 25. Wyoming's range is the widest, spanning from 21 to 30.

We offer TUTMA, Texas Uniform Transfers to Minors Accounts, which allow parents or grandparents to set up a custodial account for a minor from birth to age 17.

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.

UGMA and UTMA are model laws developed and approved by the Uniform Law Commission. All states have adopted some version of either UGMA or UTMA through their state legislatures to allow for the establishment of UTMA/UGMA Accounts.