This bill proposes updates to the Arizona Uniform Transfers to Minors Act by changing the age at which custodial property must be transferred to a minor. Currently, the law mandates that custodial property be transferred by the minor's 21st birthday. The bill would 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 article heading of Title 14, Chapter 7, Article 7 of the Arizona Revised Statutes would be changed from "Arizona Uniform Transfers to Minors Act" to "Revised Arizona Uniform Transfers to Minors Act."

Furthermore, the bill clarifies that the custodian must transfer the custodial property to the minor or the minor's estate at the earliest of specified conditions, ensuring that the language reflects the updated age requirement. The deletion of the term "earlier" and its replacement with "earliest" aims to enhance clarity in the statute. Overall, these changes aim to provide a more extended period for minors to receive their custodial property, aligning with contemporary views on maturity and financial responsibility.

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