Florida Transfer of Property under the Uniform Transfers to Minors Act
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How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is an account into which property is set aside for a minor's benefit. Whether a UGMA or UTMA account is used depends on the law of the state in which the account is established.
Note that in Florida, a UTMA can last until the beneficiary turns 25 ?if the transferor expresses a clear intent that the account continue to the age of 25.
The Uniform Gifts to Minors Act (UGMA) allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states.
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.
Age of Majority and Trust Termination StateUGMAUTMAConnecticut2121Delaware1821District of Columbia1818Florida182149 more rows
A UGMA account is limited to purely financial products such as cash, stocks, mutual funds, bonds, other securitized instruments and insurance policies. A UTMA account, on the other hand, can hold any form of property, including real property and real estate.
The Florida Uniform Transfers to Minors Act (FUTMA or Act) is the Florida law which allows a person to make a gift of money, or tangible or intangible property to a minor by transferring the money or property to a custodian, which (depending on the nature of the transfer) the custodian manages until the minor has ...
The Uniform Gift to Minors Act (UGMA) was created to provide a means by which title to property could be passed to minors by use of a custodian. The nature of property which could be transferred under the UGMA was limited to securities, cash or other personal property.
