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, 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.

Answer 1

The correct option is B: No, only one minor per account

Step-by-step 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.