Uniform Transfers To Minors Act (UTMA)
What is it? [formerly Uniform Gifts to Minors Act (UGMA)] - A law in effect in most states that governs the transfer of money or property to minors. Such transfers are irrevocable. Under UTMA, a custodian, who may also be the donor, manages the property while the minor retains full rights to the principal and income.Added By: Abby
The Uniform Transfers To Minors Act (UTMA) definition has been viewed 186 Time(s)!
Send To Friends!
If you'd like to send the Uniform Transfers To Minors Act (UTMA) definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Uniform Transfers To Minors Act (UTMA). If you need any more information on this term, please don't hesitate to contact us.