Types Of Property That Can Be Contributed To A PUTMA Account For A Minor For Estate Planning

The Pennsylvania Uniform Transfers to Minors Act PUTMA is a simple, inexpensive way to receive gifts, such as money, patents, royalties, real estate and fine art without the aid of a guardian or trustee. A custodian manages the minority’s account.

PUTMAThe types of property that may be contributed to a PUTMA account include the following:

  1. An uncertified security or a certificated security in registered form;
  2. Money paid or delivered to a broker or financial institution;
  3. The ownership of a life or endowment insurance policy or annuity contract;
  4. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract;
  5. An interest in real property;
  6. A certificate of title issued by a state or the Federal Government which evidences title to tangible personal property; and
  7. An interest in any other type of property as long as the words above are used and the custodian acknowledges receipt of the custodial property.

 

Reference: 20 Pa. C.S.A 5305, et seq

Kindly visit our Estate Planning or Trusts and Estate Planning websites or contact one of our Philadelphia Estate Planning Attorneys or Estate Attorneys Philadelphia at 215-977-8200 for more information on this topic.