The Arizona Uniform Transfers to Minors Act (the “Act”) allows an individual to transfer property to a minor without the minor assuming control of that property until adulthood by designating a custodian. The property and any related income is under the control of the custodian until the minor reaches adulthood. The custodian has control and manages the property for the minor. The custodian also has discretion to provide as much of the assets as the custodian deems advisable to the minor for the minor’s use and benefit. The minor automatically receives control of the property when he or she reaches the age of majority as specified in the Act.
Senate Bill 1200 (the “Bill”), a bill introduced during the 2016 Arizona legislature session, would amend the definition of a “minor” as it applies to the “Act.” Currently the Act defines a minor as a person who is under the age of 21 years. The Bill would lower the age to 18. The change in age would align the age for termination of a custodianship and termination of a conservatorship for a minor.
Laura Morrison Trujillo