The Uniform Transfers to Minors Act establish procedures for adults to make irrevocable gifts of money and securities to minors.

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The Uniform Transfers to Minors Act (UTMA) does indeed establish procedures for adults to make irrevocable gifts of money and securities to minors. Its purpose is to provide a simplified way for people to give financial gifts to minors without the need for creating a separate trust. The UTMA allows a gift of cash, securities, or other assets to be made to a custodian appointed for the minor, who manages the assets until the minor reaches a certain age (which varies by state) and becomes the legal owner.

The Uniform Transfers to Minors Act Establish Procedures for Adults