In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.
If the account was created before September 1, 1995 the age is 18 under grandfathered UGMA law. If the account was created AFTER September 1, 1995, the age of termination is 21. http:/www.finaid.org/savings/ageofmajority.phtml http:/www.fairmark.com/custacct/index.htm See above links for further info.
18
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
21
The Uniform Transfers to Minors Act (UTMA) does not specify a specific age for vesting. It allows assets to be held in a custodial account for the minor until they reach the age of majority, typically 18 or 21, depending on the state. At that point, the assets are transferred to the minor's control.
In court or at arbitration.
You have to file a Motion For Termination of Probation. Go to Home for Good Georgia Department of Corrections John Marshalls Law School Reference pg #35.
File a petition/motion with the court requesting early termination.
Yes I can.
What is a UJMA account?
In Georgia, the legal age of consent for sexual activity is 16 years old. Anyone under the age of 16 cannot legally give consent to engage in sexual activity. It is considered statutory rape for an adult to engage in sexual activity with a minor under the age of 16.