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 Syracuse 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 in Syracuse, New York, in accordance with the regulations outlined in the New York Uniform Transfer to Minor's Act. This transfer is typically done for the purpose of establishing a custodial account for the benefit of the minor. Under this act, there are two main types of Syracuse Transfer of Property methods that can be used: 1. Custodial TMA Account: This is the most common method of transferring property to a minor in Syracuse. The transfer is typically made by establishing a custodial account in the minor's name and designating a custodian who will manage the assets until the minor reaches the age of majority, which is typically 21 years old. The custodian has the legal responsibility to manage and invest the transferred property solely for the minor's benefit. 2. Trustee Managed TMA Account: In some cases, a trustee may be appointed to manage the transferred property on behalf of the minor under certain circumstances, such as when the transfer involves a substantial amount of assets requiring professional management or if the transferor wants to impose specific conditions on the transfer. The trustee will have the fiduciary duty to handle the assets for the minor's benefit, following the terms and conditions specified in the transfer documents. The Syracuse Transfer of Property under the New York Uniform Transfer to Minor's Act provides a legal framework to ensure the protection and proper management of property transferred to a minor. This act helps to secure the minor's future financial well-being by allowing the transferor to plan for their future and ensure that the assets are used for their benefit. It is important to note that all transfers made under this act are irrevocable, meaning that once the property is transferred, the transferor no longer maintains control or ownership over it. The transferor can only provide instructions on how the property should be managed until the minor reaches the age of majority. In summary, Syracuse Transfer of Property under the New York Uniform Transfer to Minor's Act enables individuals to create custodial or trustee-managed accounts for minors, allowing for the transfer of property or assets. These transfers are designed to benefit the minor and provide for their financial future.The Syracuse 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 in Syracuse, New York, in accordance with the regulations outlined in the New York Uniform Transfer to Minor's Act. This transfer is typically done for the purpose of establishing a custodial account for the benefit of the minor. Under this act, there are two main types of Syracuse Transfer of Property methods that can be used: 1. Custodial TMA Account: This is the most common method of transferring property to a minor in Syracuse. The transfer is typically made by establishing a custodial account in the minor's name and designating a custodian who will manage the assets until the minor reaches the age of majority, which is typically 21 years old. The custodian has the legal responsibility to manage and invest the transferred property solely for the minor's benefit. 2. Trustee Managed TMA Account: In some cases, a trustee may be appointed to manage the transferred property on behalf of the minor under certain circumstances, such as when the transfer involves a substantial amount of assets requiring professional management or if the transferor wants to impose specific conditions on the transfer. The trustee will have the fiduciary duty to handle the assets for the minor's benefit, following the terms and conditions specified in the transfer documents. The Syracuse Transfer of Property under the New York Uniform Transfer to Minor's Act provides a legal framework to ensure the protection and proper management of property transferred to a minor. This act helps to secure the minor's future financial well-being by allowing the transferor to plan for their future and ensure that the assets are used for their benefit. It is important to note that all transfers made under this act are irrevocable, meaning that once the property is transferred, the transferor no longer maintains control or ownership over it. The transferor can only provide instructions on how the property should be managed until the minor reaches the age of majority. In summary, Syracuse Transfer of Property under the New York Uniform Transfer to Minor's Act enables individuals to create custodial or trustee-managed accounts for minors, allowing for the transfer of property or assets. These transfers are designed to benefit the minor and provide for their financial future.
