Wisconsin 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
The Uniform Transfers to Minors Act (UTMA) allows you to name a custodian to manage property you leave to a minor. The management ends when the minor reaches age 18 to 30, depending on state law.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
Age of Majority and Trust Termination StateUGMAUTMAWashington2121West Virginia1821Wisconsin1821Wyoming182149 more rows
Once the minor reaches the age of majority, they have the option to convert a UTMA to an individual account. In the meantime, the custodian is responsible for investing or managing the assets on the minor's behalf.
If a minor has reached the age of twenty-one (21) and seeks to withdraw the funds from the UTMA account of which he/she is the beneficiary, the minor must contact the custodian, as the custodian is the only person authorized to make withdrawals or close the account.
Once the minor reaches the legal age of adulthood in their state, control of the account officially transfers from the custodian to the named beneficiary, at which point they claim full control and use of the funds.
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
Under the Uniform Transfer to Minors Act (UTMA), recognized by the state of Wisconsin, you may set up a custodial account in which to deposit your gift, which can be funds, real property, or any other type of tangible or intangible property.
