The Tennessee Transfer of Property under the Uniform Transfers to Minors Act (TMA) is a legal mechanism that allows individuals to transfer property or assets to a minor while still maintaining some level of control over the distribution or management of those assets until the minor reaches a certain age. This law applies to various types of property, including cash, stocks, bonds, real estate, and other valuable assets that can be legally transferred. The key concept behind the Tennessee Transfer of Property under the TMA is the creation of a custodial account. Upon establishing a custodial account under the TMA, the transferor, also known as the custodian, assumes the responsibility of managing the assets on behalf of the minor until they reach the age of majority in Tennessee, which is typically 18 years old. During this time, the custodian is accountable for making financial decisions in the best interest of the minor, including investments, distributions, and expenses related to the property. It is important to note that under the Tennessee TMA, the transfer of property cannot be revoked or reclaimed once it has been made. Once the transfer is completed, the property becomes the legal possession of the minor, and the custodian must act in their best interest until they receive full control of the assets. There are no specific types of Tennessee Transfer of Property under the TMA; however, the assets that can be transferred can vary greatly. This includes monetary gifts, savings accounts, investment portfolios, real estate properties, intellectual property rights, and other valuable items that can be legally assigned to a custodial account. The Tennessee Transfer of Property under the TMA offers several advantages. First, it allows individuals to transfer property to a minor without establishing a formal trust or involving complex legal procedures. Second, it provides a certain level of control for the transferor, ensuring that the assets are managed properly until the minor becomes legally independent. In summary, the Tennessee Transfer of Property under the Uniform Transfers to Minors Act is a legal framework that enables individuals to transfer property or assets to a minor in a straightforward manner. This mechanism creates a custodial account where the transferor acts as a custodian, managing the assets until the minor reaches the age of majority. While there are no specific types of transfers under this act, various types of property can be transferred, including cash, investments, and real estate.
Tennessee Transfer of Property under the Uniform Transfers to Minors Act
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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 ...
Any adult resident of the U.S. can open or contribute to an UGMA or UTMA. The custodian named on the account and the person(s) making the gift or transfer can be the same person, but don't have to be.
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.
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).
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.
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.
Age of Majority and Trust Termination StateUGMAUTMACalifornia1818Colorado2121Connecticut2121Delaware182149 more rows
