We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use.
Click "here" to read our Cookie Policy. By clicking "Accept" you agree to the use of cookies. Read less
Read more
Accept

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

Category:
Family Law - Minors
State:
New York
City:
Yonkers
Control #:
NY-03255BG
Format:
Word; 
Rich Text
Instant download
Buy now

Description

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)

Related forms

form-preview
Chula Vista Sample Lease for Dance or other Studio

Chula Vista Sample Lease for Dance or other Studio

View this form
form-preview
Plano Letter from Tenant to Landlord with Demand that Landlord Repair Plumbing Problem

Plano Letter from Tenant to Landlord with Demand that Landlord Repair Plumbing Problem

View this form
form-preview
Pittsburgh Letter from Tenant to Landlord with Demand that Landlord Repair Plumbing Problem

Pittsburgh Letter from Tenant to Landlord with Demand that Landlord Repair Plumbing Problem

View this form
form-preview
Atlanta Instructional Design ADDIE

Atlanta Instructional Design ADDIE

View this form
form-preview
New Orleans Sales Letter, Health Spa

New Orleans Sales Letter, Health Spa

View this form
form-preview
Irvine Employment Contract with Project Manager of Provider of Supply Chain Logistics

Irvine Employment Contract with Project Manager of Provider of Supply Chain Logistics

View this form

Viewed forms

form-preview
Dog Walking Service Agreement

Dog Walking Service Agreement

View this form
form-preview
Escape

Escape

View this form
form-preview
Family and Educational Rights and Privacy ...

Family and Educational Rights and Privacy Act of 1974 Rights and Privacy Agreement - (20 U.S.C. Section 1232g ) ("FERPA")

View this form
form-preview
Employee Acknowledgment Form for Harassmen...

Employee Acknowledgment Form for Harassment Training - Workplace

View this form
form-preview
09 ENTRAPMENT BY ESTOPPEL

09 ENTRAPMENT BY ESTOPPEL

View this form
form-preview
The Sixty (60) Day New Employee Survey

The Sixty (60) Day New Employee Survey

View this form
form-preview
Sample Letter regarding a Motion for Addit...

Sample Letter regarding a Motion for Additional Time

View this form
form-preview
2.33 THEFT FROM INTERSTATE OR FOREIGNSHIPM...

2.33 THEFT FROM INTERSTATE OR FOREIGNSHIPMENT / 18 U.S.C. Sec. 659 (Paragraph One)

View this form
form-preview
Consent to Release of Financial Information

Consent to Release of Financial Information

View this form
form-preview
Notice of Service of Interrogatories - Dis...

Notice of Service of Interrogatories - Discovery

View this form

How to fill out Transfer Of Property Under The New York Uniform Transfer To Minor's Act?

Utilize the US Legal Forms to gain instant access to any document you require.

Our helpful platform, with numerous documents, enables you to easily locate and obtain nearly any document template you may need.

You can download, fill out, and validate the Yonkers Transfer of Property in accordance with the New York Uniform Transfer to Minor's Act in mere minutes, rather than spending hours online searching for a suitable template.

Using our catalog is an excellent method to enhance the security of your document submissions.

If you haven't created an account yet, follow the instructions below.

1. Access the page containing the template you require. Ensure that it is the document you intended to find: verify the title and description, and utilize the Preview feature if available. If not, use the Search field to locate the correct one.

  1. Our skilled attorneys frequently assess all documents to ensure that the templates are suitable for specific regions and adhere to the latest laws and regulations.
  2. How can you obtain the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act.
  3. If you have a subscription, simply Log In to your account. The Download button will be activated on all templates you view.
  4. Additionally, you can access all previously saved documents in the My documents section.

Form popularity

FAQ

One notable disadvantage of the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act is the potential for mismanagement of the transferred assets. Once the minor reaches the age of majority, they gain full control over the property, which can lead to poor financial decisions without adequate guidance. Additionally, parents or guardians may find themselves limited in their ability to influence how the assets are used. This uncertainty can make some families hesitant to utilize the UTMA for transferring property.

The Uniform Transfers to Minors Act in New York allows individuals to transfer property to minors in a structured way, ensuring that these assets are safeguarded until the child reaches a specified age. Unlike some other states, New York's variation of the act provides specific guidelines for managing, investing, and distributing these properties. Understanding the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act can help you make informed decisions when transferring assets.

One of the main disadvantages of the Uniform Gift to Minors Act is that it does not provide for a flexible management of the assets once they are transferred. Once the asset is given, the minor gains full control upon reaching the age of majority, which is often 18 in New York. This could lead to impulsive spending rather than responsible management of the property, making the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act an important consideration for parents.

Under the Uniform Gift to Minors Act, parents can transfer property to their minor children without needing a trust. This act simplifies the process of making gifts by allowing assets to be held in custodial accounts for the benefit of minors. The Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act supplements this by providing specific regulations in New York on how these transfers occur.

The Uniform Transfers to Minors Act in New York allows adults to transfer property to minors without the necessity of a formal trust. It provides a simple way to manage and control assets until the minor reaches 21 years of age. This legislation helps promote responsible financial management and enables seamless asset transfer for educational purposes or other significant expenses. For more details and guidance, engaging with platforms like uslegalforms can streamline your understanding of the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act.

A uniform transfer to a minor account is a custodial account established under the Uniform Transfers to Minors Act (UTMA). This account allows an adult to manage assets on behalf of a minor until they reach a specified age—in New York, usually 21. The funds can be used for the minor's benefit, which encourages saving and financial responsibility early on. This type of account aligns well with the principles of the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act.

To set up a UTMA account, you’ll first need to choose a financial institution that offers these types of accounts. Gather the necessary documentation, like your identification and your child's details. After this, complete the required account application forms indicating that it's an UTMA account. Setting up this account benefits your child's future financial stability by allowing assets to grow until they reach maturity under the New York Uniform Transfer to Minor's Act.

When a child reaches the age of 21 under the New York Uniform Transfer to Minor's Act, the UTMA account is officially transferred to them. At this point, they gain full access to the assets and can use them as they wish. It is important for parents to prepare their children for this transition, teaching them about responsible financial management. The transfer marks a significant milestone in their financial independence.

To transfer a Uniform Transfers to Minors Act (UTMA) account to your child, you first ensure the child is of appropriate age to receive the assets, as outlined by the New York Uniform Transfer to Minor's Act. Next, contact the financial institution holding the UTMA account for their specific transfer procedures. This process typically involves filling out certain forms and providing identification for both you and your child. Remember, transferring the account means your child will have full control over it, so educate them about managing their finances.

Yes, UTMA accounts can be transferred to another UTMA account, provided both accounts benefit the same minor. This transfer should comply with regulations outlined in the Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act. It is a helpful option for those looking to consolidate assets or enhance the investment strategy. Always seek advice from professionals to navigate this process effectively.

Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act Related Searches

  • New York UTMA age
  • UTMA withdrawal rules New York
  • Ny UTMA statute
  • Uniform Transfers to Minors Act PDF
  • UTMA rules by state
  • UTMA age of majority New Jersey
  • Age of majority New York
  • UTMA age of majority by state

Interesting Questions

Trusted and secure by over 3 million people of the world’s leading companies

Yonkers Transfer of Property under the New York Uniform Transfer to Minor's Act
Buy now