Dictionary Home »
Webster's New World Law Dictionary » Uniform Gifts to Minors Act
Uniform Gifts to Minors Act
Uniform Gifts to Minors Act definition - legal
n
A law adopted by every state that creates a method for setting up a trust as a
gift to minors. The gift is made by setting up a trust in the name of the
custodian or registering the property in the name of the custodian “as
custodian for . . . .” The statute also sets forth the terms under which the
custodian may make withdrawals to be used for the benefit of the minor. Unless
otherwise specified by the donor, the custody of the trust goes to the minor
upon reaching age 18. Otherwise, custody passes at age 21.
Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.
Comments
Improve this definition.
Browse dictionary definitions near Uniform Gifts to Minors Act
Share on Facebook