HB 2659
Initials PB Page 1 Commerce
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
HB 2659: transfer to minors; age increase
Sponsor: Representative Carter N, LD 15
Committee on Commerce
Overview
Increases the minor's age required for the transference of certain custodial property.
History
The Uniform Transfers to Minors Act (UTMA) allows donors to transfer property, like money
or securities, to a custodian to manage for the benefit of a minor until they reach the legal
age without the need to set up a formal trust or have a conservator established through a
formal judicial conservatorship process.
Currently, under the provisions of the UTMA act, a minor may receive property at different
ages. For property given to the minor through a gift, the exercise of the power of appointment,
a last will and testament or a revocable trust, the minor must be 21 years of age to receive
the property. For property given to a minor through a transfer to a separate fiduciary or
property that is held by an individual who owes a liquidated debt to a minor may be
transferred by the custodian to the minor at 18 years of age (Title 41, Chapter 7, A.R.S.).
Provisions
1. Requires a minor be 25 years of age, rather than 21, to receive property given to the minor
through a gift, the exercise of power of appointment, a last will and testament or a
revocable trust. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note