New Mexico Transfer of Property under the Uniform Transfers to Minors Act
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FAQ
2.13(K) of the New Mexico Administrative Code (NMAC): A person's age of majority begins on the first instant of his or her 18th birthday and a person who has reached the age of majority is an adult for all purposes not otherwise limited by state law.
Children who are minors (under the age of 18 in most states) can legally co-own real estate with their parents. However, the decision can cause legal complications in the future.
New Mexico statutes do not restrict the types of property that can be held by a minor. The statutory age of majority in New Mexico is 18 years, except that for the purposes of the UTMA, a minor is an individual who has not attained the age of 21 years. N.M. Stat.
The Uniform Transfers to Minors Act governs the transfer of trust fund contents to minors and the use of a custodian for such funds among other issues that may arise with trust funds and minors.
New Mexico. The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The age of majority is 18 for all transfers other than by gift, will, or trust.
Any person sixteen years of age or older may be declared an emancipated minor for one or more of the purposes enumerated in the Emancipation of Minors Act if he is willingly living separate and apart from his parents, guardian or custodian, is managing his own financial affairs and the court finds it in the minor's ...
UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
