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What is a Custodial Account?

A custodial account is managed by a custodian for the benefit of a minor. All deposits into the account are irrevocable gifts. The minor does not own the cash or securities until he or she meets the age of majority for the state in which the account is set up. The minor is responsible for paying the taxes on the account. A custodial account may be the Uniform Gift to Minors Act (UGMA) and Uniform to Transfer to Minors Act (UTMA). UGMA accounts are offered in South Carolina and Vermont. All other states and the District of Columbia offer UTMA accounts.

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