« Back to Glossary Index« Back to Glossary Index
A law enacted by some states providing a convenient means to transfer property to a minor. An adult person known as a “custodian” is designated by the donor to receive and manage property for the benefit of a minor. The Pennsylvania Uniform Transfers to Minors Act (sometimes known as PAUTMA or UTMA, or, formerly, as the Pennsylvania Uniform Gifts to Minors Act, or PUGMA) can be found at 20 Pa.C.S.A. § 5301, et seq.. In the definitions section of the act, a “minor” is actually defined as “an individual who has not attained 21 years of age,” with certain exceptions. The person to whom the transfer is made is called the custodian. A person can transfer property to a custodian to be held on behalf of a minor by will, trust, or gift.
