Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, May 14, 2009

Conversion of UTMA custodianship into a trust

Coppedge_Bradley Bradley R. Coppedge (Partner, Hatcher Stubbs, LLC, Columbus, GA) has written a new article entitled Transfers to Trust and Use of UTMA Custodial Accounts, Prob. & Prop., May/June 2009, at 34.

Here is an excerpt from the article:

The Transfers to Minors Act (TMA) of each state, based on the Uniform Transfers to Minors Act, provides for management, use, and disposition of property gifted or otherwise transferred to a minor. Transfers under the Act are irrevocable and leave the donor with no legal or equitable rights in the property. Title is registered name of a custodian for the benefit of the minor. This article provides a brief overview on the use of custodial funds generally, along with a more detailed analysis custodian's ability delay distributions beyond age 21 through conversion of the custodial account to an irrevocable trust, or by other means.

https://lawprofessors.typepad.com/trusts_estates_prof/2009/05/conversion-of-utma-custodianship-into-a-trust.html

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Comments

Looking for guidance on moving monies from UTMA to irrevocable trust with UTMA owner as sole beneficiary

Posted by: Normand Collard | Oct 9, 2018 11:05:08 AM

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