Asked by Keyara Lewis on Jun 18, 2024

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Vanessa has received gifts subject to the provisions of the Uniform Transfer to Minors Act.When Vanessa graduates from high school at age 17 and moves away from home,she wants to terminate the custodianship.At what age does the custodianship terminate?

A) 17
B) 18
C) 21
D) The age is decided on case-by-case basis.

Uniform Transfer to Minors Act

The Uniform Transfers to Minors Act (UTMA) is a law that allows assets to be transferred or gifted to minors without the need for a formal trust.

Custodianship Terminate

The process by which a custodial arrangement, where one party holds property or assets for the benefit of another, comes to an end.

  • Comprehend the circumstances that allow an individual to assert ownership or control over a property.
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Florence CelestinoJun 20, 2024
Final Answer :
C
Explanation :
Under the Uniform Transfer to Minors Act, custodianship terminates when the minor reaches the age of majority in their state. In most states, the age of majority is 18, but in some states it is 21. Therefore, the custodianship would terminate when Vanessa reaches the age of majority in her state, which is either 18 or 21 depending on where she lives.