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)
The Queens Transfer of Property under the New York Uniform Transfer to Minor's Act refers to the process of transferring property to a minor in Queens, New York, in accordance with the provisions outlined by the New York Uniform Transfer to Minor's Act (NY TMA). This act allows for the establishment of custodial accounts and transfers of certain types of property to individuals under the age of 21. Under the NY TMA, there are different types of property that can be transferred to a minor in Queens. These include real estate, money, securities, bank accounts, trusts, and other types of assets. The act provides a legal framework for such transfers, ensuring that they are properly managed and protected until the minor reaches the age of majority. One important aspect of the Queens Transfer of Property under the NY TMA is the creation of a custodial account. This account is established by a custodian, who could be a parent, guardian, or any other individual or institution appointed to manage the minor's assets. The custodian has the legal responsibility to handle the property on behalf of the minor until they come of age. Another key feature of the NY TMA is the requirement for the custodian to act in the best interest of the minor, managing the assets prudently and making decisions that will benefit the minor in the long run. The custodian is authorized to manage, invest, and reinvest the property, using their discretion and expertise to ensure its growth and preservation. It is important to note that the Queens Transfer of Property under the NY TMA is subject to certain limitations and restrictions. For instance, there are specific rules regarding the use of the transferred property for the minor's benefit, and the custodian must comply with these guidelines. Additionally, the custodian may be required to provide periodic accounting and reports to the court or other interested parties to demonstrate their proper management of the assets. In summary, the Queens Transfer of Property under the New York Uniform Transfer to Minor's Act allows for the legal transfer of property to a minor in Queens, New York. It establishes custodial accounts and outlines the responsibilities of the custodian in managing and preserving the minor's assets until they reach the age of majority. By following the provisions of the NY TMA, individuals can ensure the smooth and protected transfer of property to minors in Queens.The Queens Transfer of Property under the New York Uniform Transfer to Minor's Act refers to the process of transferring property to a minor in Queens, New York, in accordance with the provisions outlined by the New York Uniform Transfer to Minor's Act (NY TMA). This act allows for the establishment of custodial accounts and transfers of certain types of property to individuals under the age of 21. Under the NY TMA, there are different types of property that can be transferred to a minor in Queens. These include real estate, money, securities, bank accounts, trusts, and other types of assets. The act provides a legal framework for such transfers, ensuring that they are properly managed and protected until the minor reaches the age of majority. One important aspect of the Queens Transfer of Property under the NY TMA is the creation of a custodial account. This account is established by a custodian, who could be a parent, guardian, or any other individual or institution appointed to manage the minor's assets. The custodian has the legal responsibility to handle the property on behalf of the minor until they come of age. Another key feature of the NY TMA is the requirement for the custodian to act in the best interest of the minor, managing the assets prudently and making decisions that will benefit the minor in the long run. The custodian is authorized to manage, invest, and reinvest the property, using their discretion and expertise to ensure its growth and preservation. It is important to note that the Queens Transfer of Property under the NY TMA is subject to certain limitations and restrictions. For instance, there are specific rules regarding the use of the transferred property for the minor's benefit, and the custodian must comply with these guidelines. Additionally, the custodian may be required to provide periodic accounting and reports to the court or other interested parties to demonstrate their proper management of the assets. In summary, the Queens Transfer of Property under the New York Uniform Transfer to Minor's Act allows for the legal transfer of property to a minor in Queens, New York. It establishes custodial accounts and outlines the responsibilities of the custodian in managing and preserving the minor's assets until they reach the age of majority. By following the provisions of the NY TMA, individuals can ensure the smooth and protected transfer of property to minors in Queens.
