A gift made under the UTMA is
A) revocable.
B) transferable.
C) assignable.
D) irrevocable.

Question

Quizplus · Accepted Answer

A gift made under the UTMA (Uniform Transfers to Minors Act) is irrevocable, which means it cannot be revoked once it has been made. The purpose of UTMA is to allow parents or guardians to transfer assets to minors without establishing a trust, and the assets must be used for the benefit of the minor. Once the gift is made, the minor becomes the legal owner of the assets, but they cannot access the assets until they reach the age of majority in their state. Therefore, a gift made under the UTMA is not revocable, transferable or assignable.

A Gift Made Under the UTMA Is