Uniform Transfers to Minors Act


Definition of Uniform Transfers to Minors Act

The Uniform Transfers to Minors Act is a law that allows children under the age of 18 to inherit property or other tangible assets without the need for a guardian.

The purpose of using the act is to pass an inheritance of some kind on to a minor without them needing to pay tax on the asset.



Uniform Transfers to Minors Act Explained

The act is a federal code, so all states comply with the same legal tenets of the code; namely that the person who is giving the asset to the minor will be responsible for holding it in a trust for the minor until they reach the age of consent.