Ohio now allows will-makers to further delay the age at which young beneficiaries receive gifts under the Ohio Transfers to Minors Act – up to age 25.
Each state that has adopted the Uniform Transfers to Minors Act (UTMA) has determined the oldest age at which a young person can receive property under the act. This age ranges from 18 to 25, depending on the state. Some states allow you to choose within a range or between two ages, while others states have a set age that you cannot vary.
When a young person reaches the age set by state law or the age you determine in your will (if you’re allowed to choose), the young person receives your gift outright.
Until this year in Ohio, when you left a gift through your will under the Ohio Transfers to Minors Act, you could choose an age of termination between ages 18 and 21. After your death, a trusted adult named by you would take care of the property until the young person reached the age you chose in your will. At that age, your beneficiary would receive your gift outright.
This year, Ohio has extended this age range – you can now use your will to leave a gift under the Ohio Transfers to Minors Act and state that the beneficiary should get the gift as late as age 25. So, you can now choose a termination age of 18-25 for gifts you leave through your will under Ohio’s version UTMA.
If you don’t specify an age in your will, the default age of termination will remain age 21.
This change took effect on April 6, 2017.