UGMA/UTMA Custodial Account
An UGMA/UTMA Custodial Account is much like an Individual Investment account
, but it allows you to make investments on behalf of a minor while maintaining control of the account yourself. With a custodial account, the child will take control of the account when he or she reaches the age of majority (18 or 21, depending on the state). It’s important to consider that a custodial account is irrevocable, meaning that funds cannot be transferred back to the parent or other account custodian.