SI DAL01120.205 Uniform Gifts to Minors Act

The Uniform Gifts to Minors Act (UGMA) was created to provide a means by which title to property could be passed to minors by use of a custodian without the need to establish a trust or guardianship on behalf of the minor child. The nature of property which could be transferred under the UGMA was limited to securities, cash, annuities, and other forms of personal property. The UGMA directed that the minor child would possess legal ownership of the transferred property immediately, but would not possess the right to liquidate the property until reaching an age of majority set by State statute (see F., below.)

The Uniform Transfers to Minors Act (UTMA) was introduced as a successor to the UGMA in 1983. The UTMA expanded the nature of property which could be transferred to minors through custodianship to “any interest in property.” Versions of the UTMA have been enacted in all States of the Dallas Region.

A. New Mexico

The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The age of majority is 18 for all transfers other than by gift, will, or trust.

B. Texas

The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The UTMA age of majority for transfers other than by gift, will, or trust is set as the State's standard age of majority, which is 18.

C. Arkansas

The UTMA age of majority for transfers by gift, will, or trust is age 21, unless the transferor explicitly provides for a transfer to be effective at an age below 21 and greater than 18. The age of majority is 18 for all transfers other than by gift, will, or trust.

D. Oklahoma

The statutory age of majority for transfers by gift, will, or trust is 18, unless the transferor explicitly provides for the effective age for the transfer to be set at an age between 18 and 21. The UTMA age of majority for transfers other than by gift, will, or trust is set as the State's standard age of majority, which is 18.

E. Louisiana

A person reaches the age of majority in Louisiana for all purposes under the UTMA upon reaching the age of 18, assuming the minor is not emancipated prior to reaching age 18.

F. UGMA Age of Majority

When a minor attains the age of majority as defined by State law, he can liquidate resources previously given to him under the Uniform Gifts to Minors Act (UGMA). The age of majority for purposes of UGMA for each State in the Dallas Region is shown below.

STATE

UGMA AGE OF MAJORITY

Arkansas

21

Louisiana

18

Oklahoma

21

New Mexico

21

Texas

18


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0501120205DAL
SI DAL01120.205 - Uniform Gifts to Minors Act - 04/23/2002
Batch run: 01/27/2009
Rev:04/23/2002