Uniform Transfers to Minors Act

The Uniform Transfers to Minors Act (UTMA) is a law that allows adults to transfer assets to a minor without the need for a trust. Under UTMA, an adult (the "transferor") can gift money or property to a minor, who will receive full ownership when they reach a specific age, typically 18 or 21. A custodian, appointed by the transferor, manages the assets on the minor's behalf until they come of age. This allows the minor to benefit from investments and savings while ensuring responsible management and protection of the assets until they can handle them responsibly.