HB0097 Wyoming Uniform Transfers to Minors Act-amendments.

Official Summary Text

Bill Summary

Bill No.:
HB0097
Effective
:

7/1/2017

LSO No.:
17LSO-0398

Enrolled Act No.:
HEA No. 0103

Chapter No.:
[Chapter Number_RO]

Prime Sponsor:
Greear

Catch Title:
Wyoming Uniform Transfers to Minors Act-amendments.

Subject:
Amending the Uniform Transfers to Minors Act
.

Summary/Major Elements:

This bill amends the Uniform Transfers to Minors Act (UTMA)
, which
creates a mechanism to transfer gifts to a minor
that are held in an account by a custodian for the minor until the
account terminates.

Under current law, the UTMA provides that a UTMA account must terminate when the minor turn
s
twenty-one years of age.

This bill amends the U
TMA to increase the age for which the transfer of custodial pr
operty to a minor is authorized
from twenty-one
years of age
to
thirty years
of age

if
the governing will, trust or nomination
provides for the increased age.

This bill also authorizes the
custodian of a UTMA account
to
extend the custodial term
and delay transfer of custodial property
to a minor
beyond
twenty-one
years of age
or the age specified
in the transferring instrument
if the minor does not seek to compel distribution of the property.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill
.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0097

ENROLLED ACT NO. 103,

HOUSE OF REPRESENTATIVES

SIXTY-FOURTH LEGISLATURE OF THE STATE OF WYOMING
2017 General Session

AN ACT relating to the Wyoming Uniform Transfers to Minors Act; increasing the maximum age for which transfer of custodial property to a minor is authorized; authorizing extension of the custodial term by a custodian as specified; amending and creating a definition; conforming provisions; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 34
‑
13
‑
138 and 34
‑
13
‑
139 is created to read:

34
‑
13
‑
138
.

Changing the time for transfer of custodial property.

(a)

Subject to the requirements and limitations of this section, the time for transfer to the minor of custodial property transfe
rred under W.S. 34
‑
13
‑
116
through
34
‑
13
‑
119 may be changed to a specified time other than the minor
'
s attainment of twenty
‑
one (21) years of age, which time shall be specified in the transfer pursuant to W.S. 34
‑
13
‑
122.

(b)

To specify a changed time for transfer to the minor of the
custodial property, the words "
as custodian for .... (
name
of minor) until age .... (age for delivery of property to minor) under the Wyoming
Uniform Transfers to Minors Act"
shall be substitut
ed in substance for the words "
as custodian for .... (
name
of minor) under the Wyoming
Uniform Transfers to Minors Act"
in making the transfer pursuant to W.S. 34
‑
13
‑
122.

(c)

The time for transfer to the minor of custodial property transferred under or pursuant to W.S. 34
‑
13
‑
116 or 34
‑
13
‑
118 may be
changed
under this sec
tion only if the
governing will,
trust or nomination provides in substance that the custodianship is to continue until the minor
'
s attainment of a specified age, which time
shall
not be later than the minor
'
s attainment of thirty (30) years of age, and i
n that case the governing will,
trust or nomination shall determine the time to be specified in the transfer pursuant to W.S. 34
‑
13
‑
122.

(d)

The time for transfer to the minor of custodial property transferred by irrevocable gift or the irrevocable exercise of a power of appointment under W.S. 34
‑
13
‑
117 may be
changed
under this section only if the transfer pursuant to W.S. 34
‑
13
‑
122 provides in substance that the custodianship is to continue until the minor
'
s attainment of a specified age, which time
shall
not be later than the minor
'
s attainment of thirty (30) years of age.

(e)

The time for transfer to the minor of custodial property transferred by a trustee under W.S. 34
‑
13
‑
119 may be
changed
under this section only if the transfer pursuant to W.S. 34
‑
13
‑
122 provides that the custodianship is to continue until a specified time not later than the earlier of:

(i)

The minor
'
s attainment of thirty (30) years of age;

(ii)

The time of termination of all present beneficial interests of the minor in the trust from which the custodial property was transferred.

(
f
)

If the transfer pursuant to W.S. 34
‑
13
‑
122 does not specify any age, the time for the transfer of the custodial property to the minor under W.S. 34
‑
13
‑
133 is the time when the minor attains twenty
‑
one (21) years of age.

(
g
)

If the transfer pursuant to W.S. 34
‑
13
‑
122 provides in substance that the duration of the custodianship is for a time longer than the maximum time permitted by this section for the duration of a custodianship created by that type of transfer, the custodianship shall be deemed to continue only until the minor
'
s attainment of the maximum age permitted by this section for the duration of a custodianship created by that type of transfer.

34
‑
13
‑
139
.

Extension of custodial term by custodian
.

(a)

A custodian may extend the custodial term under this section to an age older than the age that is specified by this act or a transferring instrument made under W.S. 34
‑
13
‑
122, subject to the right of the minor to compel immediate distribution under subsection (c) of this section.

(b)

To extend the custodial term under subsection (a) of this section, the custodian shall give the minor written notice of the custodian
'
s intent to extend the custodial term. The notice must specify the duration of the extension by indicating the new custodial term and must inform the minor of the minor
'
s right to compel immediate distribution under subsection (c) of this section. The custodian shall give the notice during the later of the following periods:

(i)

The six (6) month period that precedes the last day of the custodial term; or

(ii)

The six (6) month period that begins when the minor attains twenty
‑
one (21) years of age.

(c)

Rather than permit the extension of the custodial term, the minor may compel immediate distribution of all or part of the custodial property by giving written notice to the custodian:

(i)

During the six (6) month period that begins on the last day of the current custodial term; or

(ii)

Within ninety (90) days after receiving the custodian
'
s notice under subsection (b) of this section.

(d)

If a minor does not exercise the minor
'
s right to compel distribution under subsection (c) of this section, the custodial term shall be extended as indicated in the custodian
'
s notice given under subsection (b) of this section, and the minor may not compel the immediate distribution of custodial property before the end of the custodial term, as extended.

(e)

A custodian may extend the custodial term more than once under this section.

(f)

As used in this section, "
custodial term
"
means the time provided in or allowed by this act during which the custodian is directed to hold custodial property until the property is transferred to the minor.

Section 2
.

W.S. 34
‑
13
‑
114(
a)(xi)
and
by creating a new paragraph (xvii) 34
‑
13
‑
133(a)(i) and (ii) are amended to read:

34
‑
13
‑
114
.

Definitions.

(a)

As used in this act:

(xi)

"Minor" means
:

(A)

A
n individual who has not attained the age of twenty
‑
one (21) years;

or

(B)

A
n individual who has not attained the age at which the custodian is required to transfer the custodial property to the beneficiary under W.S. 3
4
‑
13
‑
133, 34
‑
13
‑
138
or 34
‑
13
‑
139
,
when used in reference to the beneficiary for whose benefit custodial property is held or is to be held.

(xvii)

"This act" means W.S. 34
‑
13
‑
114 through 34
‑
13
‑
139.

34
‑
13
‑
133
.

Termination of custodianship.

(a)

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor
'
s estate upon the earlier of:

(i)

The minor
'
s attainment of twenty
‑
one (21) years of age with respect to custodial property transferred under W.S. 34
‑
13
‑
117 or 34
‑
13
‑
118
, unless the time of transfer of the custodial property to the minor is changed under W.S. 34
‑
13
‑
138 or 34
‑
13
‑
139
;

(ii)

The minor
'
s attainment of majority under the laws of this state other than this act with respect to custodial property transferred under W.S. 34
‑
13
‑
119 or 34
‑
13
‑
120
, unless the time of transfer of the custodial property to the minor is changed under W.S. 34
‑
13
‑
138 or 34
‑
13
‑
139
;

Section

3
.

This
act is effective July 1,
201
7
.

(END)

Speaker of the House

President of the
Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk

1

Wyoming Uniform Transfers to Minors Act-amendments.

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Official Summary Text

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