Estate plans frequently have to account for minors who may not necessarily know how to handle their inheritance. One way in which this situation is handled is by creating a trust, but there are other methods as well. These methods can be quite simple, but knowledge of the laws pertaining to gifts and transfers of assets is still important.
One law, called the Uniform Transfers to Minors Act (or UTMA), provides a very simple way in which to gift assets to minors. There are just a few requirements to fulfill in order to work with this law.
The Uniform Transfers to Minors Act