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 amend this requirement, increasing the age to the minor's 25th birthday for property transferred through gifts, powers of appointment, wills, or revocable trusts.

Additionally, the bill would revise the title of the relevant article in the Arizona Revised Statutes from "Arizona Uniform Transfers to Minors Act" to "Revised Arizona Uniform Transfers to Minors Act." It also clarifies that the custodian must transfer the custodial property to the minor or the minor's estate on the earliest of specified conditions, ensuring that the language reflects the updated age requirement.

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