Wisconsin Transfer of Property under the Uniform Transfers to Minors Act
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FAQ
An UGMA account, the original custodial account, can hold financial assets such as individual stocks, bonds, mutual funds, index funds, cash, and insurance policies. An UTMA account can hold all of the same assets as an UGMA account. But it can also hold physical assets such as real estate, fine art, and more.
Age of Majority and Trust Termination StateUGMAUTMAWashington2121West Virginia1821Wisconsin1821Wyoming182149 more rows
Under the Uniform Transfer to Minors Act (UTMA), recognized by the state of Wisconsin, you may set up a custodial account in which to deposit your gift, which can be funds, real property, or any other type of tangible or intangible property.
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.
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.
In Wisconsin, the age of majority is 18 for almost all purposes, but age 21 for purposes of UTMA and UGMA accounts.
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.
