Rhode Island 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
It is interesting to note that South Carolina is presently the only state in the United States to continue to have on its books a version of the Uniform Gifts to Minors Act (the ?UGMA?) ? as every other state in the country has enacted a version of the more modern Uniform Transfers to Minors Act (UTMA).
Rhode Island The effective age of the transfer for UTMA purposes is 21 for transfers by gift, exercise of a power of appointment, will or trust. The UTMA effective age for transfers other than by gift, a power of appointment, will or trust is set as the State's standard age of majority, which is 18.
Alaska, Arkansas, California, Washington DC, Kentucky, and Michigan Maine are some of the states that allow UTMA accounts to be chosen for payout between the ages of 18-21. California and Nevada are an exception, as they allow the range to be 18 to 25.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed ...
Eight states (Florida, Virginia, Washington, Alaska, Ohio, Oregon, Pennsylvania and Tennessee) have their UTMA age of majority from 21 to 25. Wyoming's range is the widest, spanning from 21 to 30.
UGMA and UTMA are model laws developed and approved by the Uniform Law Commission. All states have adopted some version of either UGMA or UTMA through their state legislatures to allow for the establishment of UTMA/UGMA Accounts.
All states in Region IX have repealed the UGMA and adopted the UTMA: Arizona effective 09/30/88, California effective 01/01/85, Hawaii effective 07/01/85, and Nevada effective 07/01/85.
