MLchartDataset catalogue

UTMA

Term · Law · MLC-T-LAW-005123

The Uniform Transfers to Minors Act, a statute adopted by most U.S. states that allows a custodian to hold assets for the benefit of a minor without the need for a formal trust. It provides a straightforward way to transfer property, such as money, securities, or real estate, to a minor. Under UTMA, the assets are managed by a custodian until the minor reaches the age of majority, typically 18 or 21, depending on state law.

Table 1. Record
IdentifierMLC-T-LAW-005123
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005123",
  "term": "UTMA",
  "field": "Law",
  "definition": "The Uniform Transfers to Minors Act, a statute adopted by most U.S. states that allows a custodian to hold assets for the benefit of a minor without the need for a formal trust. It provides a straightforward way to transfer property, such as money, securities, or real estate, to a minor. Under UTMA, the assets are managed by a custodian until the minor reaches the age of majority, typically 18 or 21, depending on state law.",
  "url": "https://mlchart.com/terminology/law/utma/"
}

Record 5,247 of 5,441 in Law terminology (MLC-0107). Request the full dataset.