What does the Uniform Transfers to Minors Act establish?
A) rights for what a minor is allowed in case of inheritances without involving custodians
B) rights for what a minor can accept from an adult
C) procedures for adults to make irrevocable gifts of money and securities to minors
D) procedures for minors making gifts of money and securities to minors

Question

Quizplus · Accepted Answer

The Uniform Transfers to Minors Act establishes procedures for adults to make irrevocable gifts of money and securities to minors. These gifts are held in custodial accounts, managed by a custodian until the minor reaches the age of majority. The Act does not specifically address inheritances or gifts from adults to minors.

What Does the Uniform Transfers to Minors Act Establish