The West Virginia Transfer of Property under the Uniform Transfers to Minors Act (TMA) allows individuals to transfer property to minors in a structured manner, ensuring their welfare and secure financial future. This act provides a legal framework for the transfer and management of property on behalf of minors until they reach the age of majority. Under the West Virginia TMA, there are various types of property that can be transferred, including cash, securities, real estate, and other valuable assets. By utilizing this act, individuals can establish custodial accounts for minors, designating a custodian to manage and make decisions regarding the transferred property until the minor reaches' adulthood. One notable advantage of the West Virginia Transfer of Property under the TMA is the flexibility it provides in terms of choosing a custodian. The act allows individuals to appoint any suitable person as a custodian, including family members, friends, or professionals, as long as they adhere to the requirements outlined in the act. The West Virginia TMA also defines the age at which the minor will gain control over the transferred property. Generally, the act specifies that the minor will receive ownership and control of the property at the age of 21. However, there is an option for the transferor to set a different age, provided it falls within the boundaries of the act. By utilizing the West Virginia TMA, individuals can ensure a smooth transfer of property to minors while maintaining some control over how the assets are managed until they reach the designated age. This can be particularly beneficial when planning for a minor's education, long-term financial stability, or any specific needs they may have. In summary, the West Virginia Transfer of Property under the Uniform Transfers to Minors Act provides a practical legal framework for transferring property to minors, allowing individuals to ensure the welfare and secure future of their loved ones. By utilizing this act, property owners have the ability to appoint a custodian, define the age at which the minor gains control, and establish a solid foundation for their financial well-being.
West Virginia Transfer of Property under the Uniform Transfers to Minors Act
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Permits a transferor to transfer property under the Uniform Transfers to Minors Act to an individual under the age of 21 to be paid, conveyed, or transferred to such individual upon his attaining 25 years of age, unless the minor attaining age 21 years of age delivers a written request therefor to the custodian.
The UTMA allows the donor to name a custodian, who has the fiduciary duty to manage and invest the property on behalf of the minor until that minor becomes of legal age. The property belongs to the minor from the time the property is gifted.
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.
The Uniform Gift to Minors Act (UGMA) was created to provide a means by which title to property could be passed to minors by use of a custodian. The nature of property which could be transferred under the UGMA was limited to securities, cash or other personal property.
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 ...
The Uniform Gifts to Minors Act (UGMA) allows individuals to give or transfer assets to underage beneficiaries. The act, which was developed in 1956 and revised in 1966, is commonly used to transfer assets from parents to their children.
Age of Majority and Trust Termination StateUGMAUTMAVirginia1818Washington2121West Virginia1821Wisconsin182149 more rows
A transferor who transfers property to an individual under the age of 21 years pursuant to § 64.2-1903 or 64.2-1904 may expressly provide that the custodian shall deliver, convey, or pay the property to the individual on the individual's attaining the age of 21 by inclusion of the parenthetical "(21)" after the words " ...
