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.