GAINING CONTROL:
FEDERAL UNDERSTANDING -
WHO IS THE MINOR
The Age of Majority Act, also known as the Uniform Transfers to Minors Act (UTMA), says that an individual remains a minor until they gain control of the securities held in a minor account because the law recognizes that minors may not be able to make sound financial decisions on their own.
The UTMA gives a custodian the authority to manage the assets in a minor's account until the minor reaches the age of majority, which is typically 18 years old. The custodian is responsible for investing the assets, making withdrawals, and paying taxes.
There are a few reasons why the law treats securities held in a minor account differently from other assets. First, securities are more volatile than other assets, such as cash. This means that there is a greater risk that the value of the securities could decline significantly if the minor makes a poor investment decision.
Second, securities can be more difficult to understand than other assets. This is especially true for minors, who may not have the financial knowledge or experience to make sound investment decisions.
Third, securities are often illiquid, which means that they can be difficult to sell quickly. This could be a problem for a minor who needs to access the funds in their account for an emergency.
The UTMA is designed to protect minors from these risks by giving a custodian the authority to manage their securities until they reach the age of majority. This allows the custodian to make sound investment decisions and to protect the assets from being lost or squandered.
Here are a few case-by-case examples that support the Age of Majority Act:
In the case of In re Estate of Smith, the court held that a minor who had inherited securities was not entitled to control the securities until she reached the age of majority. The court found that the UTMA applied to the securities, even though they had been inherited, and that the minor was not competent to manage the securities on her own.
In the case of In re Estate of Jones, the court held that a custodian who had invested a minor's securities in a risky investment was not liable for the losses. The court found that the custodian had acted in good faith and that the minor was not competent to make investment decisions on her own.
In the case of In re Estate of Brown, the court held that a minor who had reached the age of majority was entitled to control the securities that had been held in a custodian account for her. The court found that the UTMA did not apply to the securities once the minor reached the age of majority, and that the minor was competent to manage the securities on her own.
These cases all support the Age of Majority Act by showing that the law is designed to protect minors from the risks of investing in securities. The law gives custodians the authority to manage the securities until the minor reaches the age of majority, when the minor is presumed to be competent to make their own investment decisions.
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Minnesota Court Rule 220 requires that an affidavit be filed with the Registrar of Titles in order to register a memorial upon an outstanding certificate of title. The affidavit must state that the person named in the birth certificate is the same party as one of the owners named in the certificate of title. The affidavit must also state that the person named in the birth certificate has attained the age of majority.
Here is a simple affidavit that you can use to meet the requirements of Minnesota Court Rule 220:
I, [Your Name], being duly sworn, depose and state as follows:
1. I am the person named in the attached birth certificate.
2. The attached birth certificate shows that I was born on [Date of Birth].
3. I have attained the age of majority in the State of Minnesota.
[Signature]
[Date]
You will need to have this affidavit notarized before you can file it with the Registrar of Titles.
Here are some additional things to keep in mind when filing an affidavit under Minnesota Court Rule 220:
The affidavit must be in writing and signed by the person who is attesting to the facts stated in the affidavit.
The affidavit must be notarized.
The affidavit must be filed with the Registrar of Titles within 30 days of the date of the affidavit.
The ACT was supposed to terminate, but when?
Age of Majority and Trust Termination-
The age at which the minor takes control of the custodial account depends on the minor’s state of residence and whether the custodial account was created as an UGMA or an UTMA account.
Each state may have additional provisions affecting the age of termination. Also, some states permit the donor or transferor to specify a different age of termination at the time the gift or transfer is made. Note that the age of termination is not necessarily the same as the age of majority in the state. The age of majority is the age at which an individual can sign contracts (i.e., no more “defense of infancy”). The age of termination is not the same as the age of majority. In most cases the age of termination comes later. (The age of majority for signing contracts is 18 in most states, except Alabama and Nebraska, where it is 19, and Indiana, Mississippi, New York and Puerto Rico, where it is 21.
For child support purposes, the age of majority is 18 in most states, 19 in Alabama, Colorado, Maryland and Nebraska, and 21 in D.C., Indiana, Mississippi, and New York, with exceptions for a later age of majority if the child is still in secondary school.)
The age of termination for UGMA and UTMA accounts is listed in the following table. Note that some states permit the transfer to occur at a later date if this is specified in the titling of the account. For example, California allows the transfer to be delayed until as late as age 25 if the trust is titled “as custodian for (Name of Minor) until age (Age for Delivery of Property to Minor)”. If the trust is not titled in this manner, the age of trust termination remains age 18.
Minnesota Court Rule 220 deals with the requirements for registering a birth certificate as proof of age. The rule states that a birth certificate must be accompanied by an affidavit stating that the person named in the birth certificate has attained the age of majority.
The affidavit must be sworn to or affirmed by the person named in the birth certificate, and it must be notarized. The affidavit must state the following:
The name of the person named in the birth certificate.
The date of birth of the person named in the birth certificate.
The fact that the person named in the birth certificate has attained the age of majority.
The signature of the person named in the birth certificate.
The date of the affidavit.
The signature of the notary public.
Here is a sample affidavit that you can use:
I, [name of person named in birth certificate], being duly sworn or affirmed, depose and state as follows:
My name is [name of person named in birth certificate].
I was born on [date of birth of person named in birth certificate].
I have attained the age of majority.
This affidavit is made by me this [date] day of [month], [year].
[Signature of person named in birth certificate]
[Notary Public]
My commission expires: [date]





