A Custodian Can Manage Property Until Age 25 Under PUTMA
For Certain Estate Planning Purposes A Custodian Can Manage Property Until Age 25 Under PUTMA:
The Uniform Transfers to Minors Act (UTMA) provides a simple, inexpensive way to transfer ownership of cash and other financial assets to children.
For purposes of Pennsylvania Uniform Transfers to Minors Act, the age of majority is age 21, however, the Act allows for the Custodian to manage the property until age 25 if the transfer is made by a Will, a Trust, as an Irrevocable Power of Appointment, or under a life insurance policy.
Reference: 20 Pa. C.S.A. 5301, et seq