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Transfer of Property under the New York Uniform Transfer to Minor's...

Transfer Property The

Name: Transfer of Property under the New York Uniform Transfer to Minor's Act
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.69 (356 reviews)

Category:

New York Family Law - Minors

State:

New York

Control #:

NY-03255BG

Format:

Instant download

Description New York Transfer Property

Under New York Law, custodial property is created and a transfer is made whenever:

1. An uncertificated security or certificated security in registered form is either: (i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered, if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement, to an adult other than the transferor or to a trust company, as custodian, accompanied by an instrument in substantially the form set forth in paragraph (b);

2. Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

3. The ownership of a life or endowment insurance policy or annuity contract is either: (i) registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) assigned in a writing delivered to an adult other than the transferor, or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

4. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

5. An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act";

6. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (i) issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or (ii) delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for (name of minor) under the New York Uniform Transfers to Minors Act"; or

7. (a) An interest in any property not described in subparagraphs (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in paragraph (b). (b) An instrument in the following form satisfies the requirements of clause (ii) of subparagraph (1) and subparagraph (7) of paragraph (a)

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Transfer Uniform Minor Other Form Names

New York Property Act Uniform Minor Act Under New Property Transfer The Minor Transfer Property Under Act Utma New York Uniform Transfers To Minors Act New York

Minor New Property FAQ

UGMA was replaced by the Uniform Transfers to Minors Act (UTMA) in New York on January 1, 1997. A UTMA account can be used to hold and protect assets for minors until they reach the age of majority as stipulated by the state or the donor.

There is no ability to transfer a UGMA or UTMA account to another child or to change beneficiaries. You are not supposed to use a UTMA-529 or UGMA-529 account conversion to change the beneficiary either because that would equate to giving your child's money to someone else.

Virtually all states have adopted some form of UTMA that allows you to make gifts to a minor to be held in the name of a custodian during the age of minority. On reaching the age of majority, usually 21 years, the minor is entitled to all assets held in the account.

The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee.The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age.

Generally, the UTMA account transfers to the beneficiary when he or she becomes a legal adult, which is usually 18 or 21. However, the age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.

As the custodian of a UTMA/UGMA account, a parent can withdraw money whenever needed to benefit the child.

Transfer Property The

Description New York Transfer Property

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Transfer Property The Act Form Rating

Ny Transfer Property Form Form popularity

Transfer Uniform Minor Other Form Names

Minor New Property FAQ

Is New York UTMA or UGMA?

How do I transfer my UTMA account to my child?

Can you transfer a UTMA account?

What happens to a UTMA account when the minor turns 21?

What does the Uniform Transfers to Minors Act establish?

At what age do UTMA accounts transfer?

Can parent take money out of UTMA account?

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