ARIZONA HOUSE OF REPRESENTATIVES Fifty-seventh Legislature First Regular Session
	House: COM DP 10-0-0-0

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HB 2659: transfer to minors; age increase

Sponsor: Representative Carter N, LD 15

Caucus & COW

Overview

Increases the age at which certain property must be transferred to a minor.

History

The Uniform Transfers to Minors Act (UTMA) allows donors to transfer property, like money or securities, to a custodian to manage for the benefit of a minor until they reach the legal age without the need to set up a formal trust or have a conservator established through a formal judicial conservatorship process. 

Currently, under the provisions of the UTMA act, a minor must receive property at different ages. For property given to the minor through a gift, the exercise of the power of appointment, a last will and testament or a revocable trust, the custodian is statutorily required to transfer the property to the minor by the minor's 21^st birthday. For property given to a minor through a transfer to a separate fiduciary or property that is held by an individual who owes a liquidated debt to a minor, the custodian must transfer the property to the minor by the minor's 18^th birthday (Title 41, Chapter 7, A.R.S.).

Provisions

1. Requires property that is given to the minor through a gift, the exercise of power of appointment, a last will and testament or a revocable trust to be transferred to the minor by the minor's 25^th birthday, rather than the 21^st birthday. (Sec. 1)

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5.                   HB 2659

6. Initials PB           Page 0 Caucus & COW

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