Are UTMA Accounts a Good Idea for your Minor Children?
A UTMA account, created under the Uniform Transfers to Minors Act (UTMA), lets minors receive and hold gifts such as money, real estate, fine art, and other assets without needing a formal trust. Usually, a parent or guardian acts as custodian and manages the account until the child reaches the age of majority in their state. At that time, the child gains full control over the assets.
