23 California Legal Forms--Transaction Guide § 60A.40

Summary

The California Uniform Transfers to Minors Act [Prob. Code § 3900 et seq.] (the UTMA) provides a nonexclusive method for giving property to minors without the creation of a guardianship or trust [see Prob. Code § 3925]. Testamentary or inter vivos transfers of any type of property or property interest may be made under the UTMA [see Prob. Code §§ 3901(f), 3903–3907].

Under the UTMA, property is transferred to a custodian who holds, manages, and invests the property [see Prob. Code § 3912]. The custodial property is indefeasibly vested in the minor, subject to the rights, powers, duties, and authority granted to the custodian by the UTMA [Prob. Code § 3911(b)]. The property is transferred to the minor when he or she reaches age 18 [see Prob. Code § 3920.5(g)], unless the instrument of transfer provides for a longer custodial period, which may be up to age 21 for property transferred by irrevocable gift [Prob. Code § 3920.5(e)], or age 25 for property transferred (1) on the occurrence of ...