Types Of Property That Can Be Contributed To A PUTMA Account For A Minor For Estate Planning
The Pennsylvania Uniform Transfers to Minors Act 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.
The types of property that may be contributed to a PUTMA account include the following:
- An uncertified security or a certificated security in registered form;
- Money paid or delivered to a broker or financial institution;
- The ownership of a life or endowment insurance policy or annuity contract;
- An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract;
- An interest in real property;
- A certificate of title issued by a state or the Federal Government which evidences title to tangible personal property; and
- 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
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