SI NY01120.205 Uniform Transfer to Minors Act (UTMA)

A. General

1. New Jersey

On July 1, 1987 the New Jersey legislature replaced the 1966 New Jersey Gifts to Minors Act ("NJGMA") with the Uniform Transfer to Minors Act (UTMA) statute.

The age of majority in New Jersey is 21 for both UTMA and UGMA (pre 1/1/97) accounts. The court may order the property be transferred to the minor at an earlier date.

2. New York

In 1996 the New York legislature enacted the Uniform Transfer to Minors Act which replaces the Uniform Gift to Minors Act. It applies to all irrevocable gifts made on or after January 1, 1997.

For all UTMA accounts in New York, the age of majority is 21 unless the donor/transferor stipulates age 18. For all UGMA (pre 1/1/97) accounts in New York, the age of majority is 18.

B. Interstate Cases

When the property, the custodian, and/or the minor reside in different States assume, absent evidence to the contrary, that the State law regarding attainment of the age of majority in which the property is held is controlling.


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http://policy.ssa.gov/poms.nsf/lnx/0501120205NY
SI NY01120.205 - Uniform Transfer to Minors Act (UTMA) - 07/10/2002
Batch run: 01/27/2009
Rev:07/10/2002