This is a sample form for use in Tennessee, a Transfer Under the Tennessee Uniform Transfers to Minors Act. Adapt to fit your circumstances. Available in standard formats.
Tennessee Utma Age Of Majority With Minor
State:
Tennessee
Control #:
TN-02332
Format:
Word;
Rich Text
Instant download
Description
How to fill out Transfer Under The Tennessee Uniform Transfers To Minors Act?
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FAQ
The term Uniform Transfers to Minors Act (UTMA) refers to a law that allows a minor to receive gifts without the aid of a guardian or trustee. Gifts can include money, patents, royalties, real estate, and fine art.
Generally, the UTMA account transfers to the beneficiary when they become a legal adult, which is usually age 18 or 21, but it can be later. The age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.
The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The UTMA age of majority for transfers other than by gift, will, or trust is set as the State's standard age of majority, which is 18.
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
The Uniform Transfers to Minors Act (UTMA) is a law that has been adopted in substantially the same form in almost every state. Tennessee's UTMA is codified at T.C.A. § 35-7-101 et seq. Under the UTMA, you may choose someone to manage property you are leaving to a child.
