Ask Question
9 October, 16:41

May a gift under the Uniform Gifts to Minors Act be made to two or more minors jointly or severally?

[A] Yes, with no restrictions.

[B] No, only one minor per account.

[C] Only if the gift is made via probate of a will.

[D] Yes, but gifts of bearer securities are excluded.

+1
Answers (1)
  1. 9 October, 18:06
    0
    The correct option is B: No, only one minor per account

    Explanation:

    The Uniform Gifts to Minors Act is a law that has been passed in a few states of the United States and ensure that assets such as securities, must be transferred to a donor, who is a minor, as long as the possession and control has been given up by the donor, without having to get an attorney to set up a special trust fund for this purpose. However, gifts under this Act only goes to one minor per account, meaning that a donor cannot grant a gift to 2 or more minors severally or jointly.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “May a gift under the Uniform Gifts to Minors Act be made to two or more minors jointly or severally? [A] Yes, with no restrictions. [B] No, ...” in 📙 Social Studies if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers