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Transfer Uniform Minors Act Florida

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utma account is a uniform transfer to minor act account and what an utma account allows an individual to do is basically create a it's a statutory trust that the florida law has created so if someone wants to leave assets to a minor or somebody the under under the age of 21 but they want that individual to receive those assets outright at age 21 and not continue the management of those assets for a longer period of time they can do that through an utma account by naming a custodian who will manage those assets for that minor until age 21. but it's important to keep in mind that at age 21 regardless of what is happening in that child's life at that time those assets are required to be distributed outright to that beneficiary so if you're concerned about making sure that the the minor child might have a little bit longer time to grow and mature and become responsible we might want to consider creating an actual trust instead of using the statutory trust ut

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