If enacted, this bill would update the Arizona Uniform Transfers to Minors Act by changing the age at which custodial property must be transferred to a minor. Currently, custodians are required to transfer property to a minor by their 21st birthday. The bill proposes to increase this age to the minor's 25th birthday for property received through gifts, powers of appointment, wills, or revocable trusts. Additionally, the article heading of Title 14, Chapter 7, Article 7 of the Arizona Revised Statutes would be amended to reflect this change, renaming it from "Arizona Uniform Transfers to Minors Act" to "Revised Arizona Uniform Transfers to Minors Act."

The bill also modifies the language regarding the timing of property transfer, changing the term "earlier" to "earliest" in the context of custodial property transfer. This adjustment clarifies the custodian's obligation to transfer property at the appropriate time, aligning with the new age requirement. Overall, these changes aim to provide minors with greater financial support and management of their assets until they reach a more mature age.

Statutes affected:
Introduced Version: 14-7670
House Engrossed Version: 14-7670