Manner of Creating Custodial Property: This form creates and/or assigns a particular custodian to a minor upon the death of the Grantor. The property granted to the minor, would be managed by the appointed custodian until the minor reaches the age of majority.
The TMA (Uniform Transfers to Minors Act) age of majority in New York refers to the age at which a minor gains complete control over property held under a TMA designation. In New York, the age of majority under the TMA is 21 years old. Under the Uniform Transfers to Minors Act, there are different types of assets that can be transferred to minors until they reach the age of majority in New York. These assets may include financial accounts, real estate, securities, and other valuable property. By designating a minor as the beneficiary, the custodian holds and manages these assets until the minor reaches the age of majority. In New York, the TMA age of majority is set to be 21 years old, meaning that at this age, the minor gains full control over the property transferred under the TMA. Prior to reaching the age of majority, the custodian is responsible for managing and protecting these assets in the minor's best interest, ensuring that they are used for the minor's benefit. It is important to note that the TMA age of majority may vary from state to state. While New York sets it at 21 years old, other states may set the age of majority under TMA at 18 or even 25 years old. Understanding the specific age of majority in a particular state is crucial when establishing a TMA account or transferring assets to a minor. In summary, the TMA age of majority in New York is 21 years old. Different types of assets can be transferred under TMA until the minor reaches this age, at which point they gain complete control over the property.
