Tennessee Utma Age Of Majority With Parents
Description
How to fill out Transfer Under The Tennessee Uniform Transfers To Minors Act?
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FAQ
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
Anyone can contribute to a UTMA account, but their contribution is considered an irrevocable gift. This means only the custodian has the right to withdraw funds, and it has to be for the child's benefit. The custodian has a fiduciary duty to act in the child's best interest.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or find one by using our financial professional locator. For additional assistance, contact us.
Age of Majority and Trust Termination StateUGMAUTMATennessee1821Texas1821Utah2121Vermont21N/A49 more rows
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.
