Under New York Law, custodial property is created and a transfer is made whenever:
1. An uncertificated security or certificated security in registered form is either: (i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered, if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement, to an adult other than the transferor or to a trust company, as custodian, accompanied by an instrument in substantially the form set forth in paragraph (b);
2. Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";
3. The ownership of a life or endowment insurance policy or annuity contract is either: (i) registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) assigned in a writing delivered to an adult other than the transferor, or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";
4. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";
5. An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";
6. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (i) issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or
7. (a) An interest in any property not described in subparagraphs (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in paragraph (b). (b) An instrument in the following form satisfies the requirements of clause (ii) of subparagraph (1) and subparagraph (7) of paragraph (a)
Kings Transfer of Property under the New York Uniform Transfer to Minor's Act is a legal process that allows for the transfer of assets or property to a minor under specific conditions. This act is designed to protect the minor's interests and ensure that the property is managed appropriately until they reach the age of majority. One type of Kings Transfer of Property is known as "Uniform Transfer to Minors Act" (TMA). Under this provision, assets can be transferred to a minor without the need for a formal trust. The transfer is often made through a custodian, who has the responsibility to manage and administer the property until the minor reaches the age of 21 or 25, depending on state laws. The TMA provides a flexible and efficient way to transfer property to a minor, while still maintaining some level of control and oversight. Another type of Kings Transfer of Property is the "Uniform Gift to Minors Act" (UGA), which was the predecessor to TMA. While UGA is still recognized in some states, it has been largely replaced by TMA due to its more restrictive nature. Under UGA, the property is transferred to a custodian who manages it until the minor reaches the age of 18 or 21, depending on state laws. Unlike TMA, UGA does not provide the option to extend the custodianship until the age of 25. The process of Kings Transfer of Property under the New York Uniform Transfer to Minor's Act involves several key steps. First, the donor, who is often a parent or guardian, must make a formal gift of the property to the minor. This can be done through a written document or by simply transferring the property to the custodian. It is important to note that the property must be given with the intention to benefit the minor. Once the property is transferred, the custodian assumes responsibility for managing and investing the assets in the best interest of the minor. The custodian has a fiduciary duty to act prudently and in accordance with the provisions of the Act. They must keep accurate records of all transactions and provide regular accounting to the minor or their legal guardian. Under the New York Uniform Transfer to Minor's Act, the property will be held in the minor's name, but it is important to note that the minor does not have unrestricted access to the assets until they reach the age of majority. The custodian has the authority to use the property for the minor's benefit, such as education, healthcare, or general welfare. However, the custodian cannot use the property for their own personal benefit or transfer it to anyone else. In conclusion, Kings Transfer of Property under the New York Uniform Transfer to Minor's Act provides a legal framework for the transfer of assets to a minor. Through the TMA or UGA provisions, property can be transferred to a custodian who manages it until the minor reaches a certain age. This process ensures that the minor's interests are protected, and the property is used for their benefit.Kings Transfer of Property under the New York Uniform Transfer to Minor's Act is a legal process that allows for the transfer of assets or property to a minor under specific conditions. This act is designed to protect the minor's interests and ensure that the property is managed appropriately until they reach the age of majority. One type of Kings Transfer of Property is known as "Uniform Transfer to Minors Act" (TMA). Under this provision, assets can be transferred to a minor without the need for a formal trust. The transfer is often made through a custodian, who has the responsibility to manage and administer the property until the minor reaches the age of 21 or 25, depending on state laws. The TMA provides a flexible and efficient way to transfer property to a minor, while still maintaining some level of control and oversight. Another type of Kings Transfer of Property is the "Uniform Gift to Minors Act" (UGA), which was the predecessor to TMA. While UGA is still recognized in some states, it has been largely replaced by TMA due to its more restrictive nature. Under UGA, the property is transferred to a custodian who manages it until the minor reaches the age of 18 or 21, depending on state laws. Unlike TMA, UGA does not provide the option to extend the custodianship until the age of 25. The process of Kings Transfer of Property under the New York Uniform Transfer to Minor's Act involves several key steps. First, the donor, who is often a parent or guardian, must make a formal gift of the property to the minor. This can be done through a written document or by simply transferring the property to the custodian. It is important to note that the property must be given with the intention to benefit the minor. Once the property is transferred, the custodian assumes responsibility for managing and investing the assets in the best interest of the minor. The custodian has a fiduciary duty to act prudently and in accordance with the provisions of the Act. They must keep accurate records of all transactions and provide regular accounting to the minor or their legal guardian. Under the New York Uniform Transfer to Minor's Act, the property will be held in the minor's name, but it is important to note that the minor does not have unrestricted access to the assets until they reach the age of majority. The custodian has the authority to use the property for the minor's benefit, such as education, healthcare, or general welfare. However, the custodian cannot use the property for their own personal benefit or transfer it to anyone else. In conclusion, Kings Transfer of Property under the New York Uniform Transfer to Minor's Act provides a legal framework for the transfer of assets to a minor. Through the TMA or UGA provisions, property can be transferred to a custodian who manages it until the minor reaches a certain age. This process ensures that the minor's interests are protected, and the property is used for their benefit.
