What is the age of majority for UTMA accounts by state?
18
Age of Majority and Trust Termination
| State | UGMA | UTMA |
|---|---|---|
| California | 18 | 18 |
| Colorado | 21 | 21 |
| Connecticut | 21 | 21 |
| Delaware | 18 | 21 |
What is UTMA age of majority?
The age of majority for an UTMA is different in each state. In most states, the age of majority is 21 — which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25.
What happens to a UTMA account when the minor turns 18?
A. Congrats to your son on his big birthday! UGMA and UTMA accounts used to be very popular for college savings because of favored tax laws. But when your child reaches the age of majority – 18 or 21, or even older, depending on the state – you, as the custodian, lose all control over the account.
What is age of termination for UTMA?
The Uniform Transfers to Minors Act (UTMA) allows you to name a custodian to manage property you leave to a minor. The management ends when the minor reaches age 18 to 25, depending on state law.
Is 18 the legal age in every state?
Every state sets their own age of majority and the specific restrictions as to what the adult cannot do until they reach that age. The age of majority is 18 in most places, except three states. Alabama and Nebraska set the age of majority to 19 and Mississippi sets it at 21.
What is the age of majority by state?
Age of Majority by State – 2009
| State | Majority Age |
|---|---|
| California | 18 |
| Colorado | 18 |
| Connecticut | 18 |
| Delaware | 19 |
Can you contribute to UTMA after age of majority?
Money put into a custodial account belongs to the beneficiary—it’s called an irrevocable gift. At the age of majority, the custodian (often a parent) must transfer control to the beneficiary. At that point, they can do whatever they want with the money. There’s no limit to the amount you can put into an UGMA/UTMA.
When a minor reaches the age of majority?
Age of Majority | This is the age that a state sets for a minor to become an adult and assume legal responsibility for himself/herself and all decisions that accompany that (e.g., financial, medical, educational). In most states, this is age 18.
Can I open a UTMA for a 19 year old?
The legal age in most states is 18 or 21, although some states allow UTMA custodianships to continue to age 25. Gifts and transfers to minors are irrevocable. The funds must be spent to benefit the child, and donors are prohibited from ever taking the money back for other uses or for another child.
What is the age of consent in Nevada?
16
The age of consent in Nevada is 16. If a person aged 15 or younger has penetrative sex with an adult, the adult may face charges for the Nevada crime of statutory rape (called “statutory sexual seduction”) if the adult is at least four years older than the child.
