AMUL/GA

A custodial arrangement under Georgia law where a custodian manages assets for the benefit of a minor. AMUL/GA was replaced by UTMA in Georgia in 1990. All new transfers must be UTMA. AMUL/GA may only be used for existing AMUL/GA accounts.

The Uniform Gift to Minors Act (UGMA)

Permits irrevocable gifts of money and securities to minors. The Act gives the power of management to a custodian until the minor reaches the age of majority. The age of majority is the age that an individual is considered an adult. This age differs from state to state, but in most states it is 18.

Uniform Transfer to Minors Act (UTMA)

In most states the Uniform Transfer to Minors Act (UTMA) has been adopted, replacing the UGMA 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.