Wills: What Is the Uniform Transfers to Minors Act?

When dealing with wills, many people find themselves wanting to leave a certain amount of property to a minor. If you are writing your will, you will want to make sure you understand how this process works. Here are the basics of the Uniform Transfers to Minors Act.

Uniform Transfers to Minors Act

The Uniform Transfers to Minors Act is an act that governs how individuals can leave assets to minors when they pass away. If you want to leave property directly to a minor, you can leave a maximum of only $5000 to him in his name.

Leaving Substantial Property to a Minor

Just because you cannot leave property directly to a minor does not mean that you cannot make sure he gains access to it eventually. With this strategy, you will be able to leave the property to an adult that will take care of it for him until he reaches adulthood. In most cases, this means he is not going to have access to the property until he reaches the age of 21. In some states, he will be able to gain access to it once he reaches the age of 18 instead.

blog comments powered by Disqus