What are custodial accounts? | sparkgifthelp

What are custodial accounts?

If the gift recipient is under 18 years old, their investment is held in a custodial account.  A custodial account is a type of brokereage account that allows a custodian/parent to invest on behalf of the minor. These accounts are also known as Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts.