UTMA

UTMA, or Uniform Transfers to Minors Act, is a legal arrangement that allows adults to transfer assets—such as money, investments, or property—directly to a minor child. A custodian manages these assets until the child reaches a designated age, typically 18 or 21, depending on the state. This setup helps provide financial support or gifts to minors without requiring a formal trust. Once the minor reaches the age of majority, they gain full control over the assets. UTMA accounts are commonly used for saving for education, future expenses, or giving gifts in a manageable, legally structured way.