MLchartDataset catalogue

Uniform Gifts to Minors Act

Term · Law · MLC-T-LAW-005058

A model act, largely superseded by the Uniform Transfers to Minors Act, that allowed adults to make irrevocable gifts of money or securities to minors without the need for a formal trust. A custodian manages the assets until the minor reaches the age of majority, typically 18 or 21. This simplified the process of transferring assets to children.

Table 1. Record
IdentifierMLC-T-LAW-005058
FieldLaw
AbbreviationUGMA
Record as JSON 
{
  "id": "MLC-T-LAW-005058",
  "term": "Uniform Gifts to Minors Act",
  "field": "Law",
  "definition": "A model act, largely superseded by the Uniform Transfers to Minors Act, that allowed adults to make irrevocable gifts of money or securities to minors without the need for a formal trust. A custodian manages the assets until the minor reaches the age of majority, typically 18 or 21. This simplified the process of transferring assets to children.",
  "abbreviation": "UGMA",
  "url": "https://mlchart.com/terminology/law/uniform-gifts-to-minors-act/"
}

Record 5,171 of 5,439 in Law terminology (MLC-0107). Request the full dataset.