What is the Uniform Transfer to Minors Act?
The Uniform Transfer to Minors Act, or UTMA, is a set of laws that are usually enacted at state level in the United States. Designed to protect the best interests of a minor child, the laws set standards and regulations for the distribution of assets that are held in the name of the child. At the same time, the Uniform Transfer to Minors act helps to define perimeters for the administration of those assets until the child reaches the age of majority and may assume control of the assets personally. Laws that are designed to function within the broader perimeters of the Uniform Transfer to Minors Act will apply to any type of assets that are placed under the name of the minor child. This will include checking accounts that are set up for the child, and any funds that are deposited into the account. In like manner, savings accounts will also be protected under the terms of the act. Any stocks or bonds that are issued to the child will also find protection under these laws. This would incl
