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Perplexing Problems Under the Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (hereinafter “UTMA”), like its predecessor, The Uniform Gifts to Minors Act (hereinafter “UGMA”), is a comprehensive statutory scheme designed to allow money and property to be transferred to children easily. However, like all statutes, disputes arise that require an examination of relevant case law, and such disputes have crept into family law and related proceedings. Becoming familiar with the UTMA will help you avoid problems in settling or trying cases that involve custodial assets.
Statutory references for illustrative purposes will be to the Illinois Act, 760 ILCS 20/1 et seq., all of which sections are said in the Historical and Statutory Notes to be similar to the corresponding provisions in the Uniform Act. One of the things you need to do is check your state to see whether the age of majority is altered. For example, in Illinois, a minor is defined as a person under 18, and a person who is 18 is of legal age for all purposes except as provided in the UTMA. The Illinois UTMA then defines an adult as an individual who has attained the age of 21 years. 760 ILCS 20/2. Some divorce judgments have attempted to appoint two individuals as co-custodians. Be aware that under the UTMA, only one person may be the custodian. 760 ILCS 20/11.
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