In most states the Uniform Transfers to Minors Act (UTMA) has been adopted, replacing the UGMA (see above) for any gifts made after the new law was passed. The UTMA allows gifts and other means of transferring money or securities to minors. Other ways a minor may receive money include inheritance, insurance settlements or awards from lawsuits. The age at which the minor receives the assets differs from state to state and may also differ based on the source of the funds.