Fla. Stat. § 710.101
Short title
This act may be cited as the “Florida Uniform Transfers to Minors Act.”
Florida Statutes Chapter 710 — TRANSFERS TO MINORS
Florida · statute · Fla. Stat. ch. 710 · 24 active provisions
Fla. Stat. § 710.102
Definitions
As used in this act, the term:(1) “Adult” means an individual who has attained the age of 21 years.(2) “Benefit plan” means a retirement plan and may include, but is not limited to, any pension, profit-sharing, stock-bonus, or stock-ownership plan or individual retirement account.(3) “Broker” means a person lawfully en…
Fla. Stat. § 710.103
Scope and jurisdiction
(1) This act applies to a transfer that refers to this act in the designation under s. 710.111(1) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains…
Fla. Stat. § 710.104
Nomination of custodian
(1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for (name…
Fla. Stat. § 710.105
Transfer by gift or exercise of power of appointment
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to s. 710.111. Notwithstanding s. 710.106, a transfer by irrevocable gift from a trust over which the grantor has at the time of transfer a right of rev…
Fla. Stat. § 710.106
Transfer authorized by will or trust
(1) A personal representative or trustee may make an irrevocable transfer pursuant to s. 710.111 to a custodian for the benefit of a minor as authorized in the governing will or trust.(2) If the testator or settlor has nominated a custodian under s. 710.104 to receive the custodial property, the transfer must be made t…
Fla. Stat. § 710.107
Other transfer by fiduciary
(1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to s. 710.111, in the absence of a will or under a will or trust that does not contain an authorization to do so.(2) Subject to subsecti…
Fla. Stat. § 710.108
Transfer by obligor
(1) Subject to subsections (2) and (3), a person not subject to s. 710.106 or s. 710.107 who holds property, including, but not limited to, a benefit plan, of a minor not having a conservator, or who owes a liquidated debt to a minor not having a conservator, may make an irrevocable transfer to a custodian for the bene…
Fla. Stat. § 710.109
Receipt for custodial property
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this act.
Fla. Stat. § 710.111
Manner of creating custodial property and effecting transfer; designation of initial custodian; control
(1) Custodial property is created and a transfer is made whenever:(a) An uncertificated security or a certificated security in registered form is either:1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of min…
Fla. Stat. § 710.112
Single custodianship
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.
Fla. Stat. § 710.113
Validity and effect of transfer
(1) The validity of a transfer made in a manner prescribed in this act is not affected by:(a) Failure of the transferor to comply with s. 710.111(3) concerning possession and control;(b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is inel…
Fla. Stat. § 710.114
Care of custodial property
(1) A custodian shall:(a) Take control of custodial property;(b) Register or record title to custodial property if appropriate; and(c) Collect, hold, manage, invest, and reinvest custodial property.(2) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent…
Fla. Stat. § 710.115
Powers of custodian
(1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.(2) This section does not relieve a custodian from liability…
Fla. Stat. § 710.116
Use of custodial property
(1) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or of any other person to support the m…
Fla. Stat. § 710.117
Custodian’s expenses, compensation, and bond
(1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.(2) Except for one who is a transferor under s. 710.105, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services pe…
Fla. Stat. § 710.118
Exemption of third person from liability
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:(1) The validity of the purported custodian’s desig…
Fla. Stat. § 710.119
Liability to third persons
(1) A claim based on:(a) A contract entered into by a custodian acting in a custodial capacity;(b) An obligation arising from the ownership or control of custodial property; or(c) A tort committed during the custodianship,may be asserted against the custodial property by proceeding against the custodian in the custodia…
Fla. Stat. § 710.121
Renunciation, resignation, death, or removal of custodian; designation of successor custodian
(1) A person nominated under s. 710.104 or designated under s. 710.111 as custodian may decline to serve by delivering a valid disclaimer under chapter 739 to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no…
Fla. Stat. § 710.122
Accounting by and determination of liability of custodian
(1) A minor who has attained the age of 14 years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court for an accounting by the custodian or the custodian’s legal representative or for a determinati…
Fla. Stat. § 710.123
Termination of custodianship
(1) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of:(a) The minor’s attainment of 21 years of age with respect to custodial property transferred under s. 710.105 or s. 710.106. However, a transferor can, with respect to such custodia…
Fla. Stat. § 710.124
Applicability
This act applies to a transfer within the scope of s. 710.103 made after October 1, 1985, if:(1) The transfer purports to have been made under the Florida Gifts to Minors Act (former ss. 710.01-710.10); or(2) The instrument by which the transfer purports to have been made uses in substance the designation “as custodian…
Fla. Stat. § 710.125
Effect on existing custodianships
(1) Any transfer of custodial property as now defined in this act made before October 1, 1985, is validated notwithstanding that there was no specific authority in the Florida Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.(2)…
Fla. Stat. § 710.126
Uniformity of application and construction
This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.