Uniform Transfers to Minors Act(UTMA)

Law

Legal Definition of Uniform Transfers to Minors Act 

body of laws governing gifts of property to minors. It was developed as the Uniform Gifts to Minors Act by a national commission on uniform state laws and subsequently adopted, with minor variations, by every state. It was later revised and given its present name. The state laws based on the Act typically permit the selection of a property custodian in lieu of a court-supervised guardianship. The custodian is charged with managing the property wisely on the child's behalf, including making secure investments, keeping accurate records, applying income toward the child's support, and not mixing the property with the custodian's own. The custodian's responsibilities end when the child reaches majority age.

Learn More about Uniform Transfers to Minors Act

Share Uniform Transfers to Minors Act

Resources for Uniform Transfers to Minors Act

Comments on Uniform Transfers to Minors Act

What made you want to look up Uniform Transfers to Minors Act? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

the setting in which something occurs

Get Word of the Day daily email!

Test Your Vocabulary

Musical Words Quiz

  • gramophone
  • Which word describes a musical performance marked by the absence of instrumental accompaniment?
How Strong Is Your Vocabulary?

Test your vocabulary with our 10-question quiz!

TAKE THE QUIZ
Citation

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ

Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!