Uniform Transfers to Minors Act
The California Uniform Transfers to Minors Act (CUTMA) provides for an informal statutory trust arrangement whereby small amounts of money can be paid to an adult custodian on behalf of a minor without the necessity of a legal proceeding and judicial oversight. Prob. Code section 3900 et seq.
Under CUTMA, up to $10,000 can be given to minor via an adult custodian, or paid to and received by an adult constodian on behalf of the minor. Amounts greater than $10,000 can be paid to or received by a CUTMA custodian, but only with court approval.
If you have a question about your legal rights, or wish to speak to an attorney about your situation, please call us today at 510-663-9240, or contact us online to discuss your legal rights.