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Uniform Transfers to Minors Act (UTMA)

Definition - What does Uniform Transfers to Minors Act (UTMA) mean?

The Uniform Transfers to Minors Act is a law that allows children under the age of 18 to inherit property or other tangible assets without the need for a guardian.

The purpose of using the act is to pass an inheritance of some kind on to a minor without them needing to pay tax on the asset.

Justipedia explains Uniform Transfers to Minors Act (UTMA)

The act is a federal code, so all states comply with the same legal tenets of the code; namely that the person who is giving the asset to the minor will be responsible for holding it in a trust for the minor until they reach the age of consent.

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