The Uniform Transfers to Minors Act (UTMA) permits one person, a custodian, to hold the property of another person, the beneficiary, until the beneficiary reaches the termination age, usually 18 or 21. While the beneficiary is underage, the custodian holds the property for the benefit of the beneficiary. While an UTMA account is inexpensive to create and a useful way for a parent to accumulate property for a child, the UTMA account has some limitations, the most pertinent of which is that the UTMA account belongs to the beneficiary once he or she reaches the termination age. There are also other limitations which can cause some concern to a parent looking to transfer property to a child.
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Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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