Arizona Transfer under the Uniform Transfers to Minors Act - Multistate Form
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How to fill out Transfer Under The Uniform Transfers To Minors Act - Multistate Form?
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FAQ
If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.
The UTMA incorporated the provisions of the UGMA and expanded the nature of property which could be gifted or transferred to minors through custodianship. Under the UTMA, any kind of property, real or personal, tangible or intangible can be transferred to a custodian for the benefit of a minor.
The Uniform Gifts to Minors Act provides a way to transfer financial assets to a minor without the time-consuming and expensive establishment of a formal trust. A UGMA account is managed by an adult custodian until the minor beneficiary comes of age, at which point they assume control of the account.
Age of Majority and Trust Termination StateUGMAUTMAAlaska1821Arizona1821Arkansas2121California181849 more rows
When Can a Child Claim Ownership of an UTMA Account? 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.
UGMA/UTMA brokerage account considerations Irrevocable gift Money put into a custodial account belongs to the child?it's called an irrevocable gift. At the age mandated by the state, the custodian (often a parent) must transfer control to the child. At that point, they can do whatever they want with the money.
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 age of majority for an UTMA is different in each state. In most states, the age of majority is 21 ? which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25. The custodian can also sometimes choose between a selection of ages.
