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What are UTMA and UGMA Accounts?

UTMA and UGMA accounts are types of custodial accounts that allow you to save and transfer financial assets to a minor child without establishing a trust. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Uniform Gifts to Minors Act.

What is a UGMA & UTMA?

UGMAs and UTMAs are custodial accounts with assets owned by the minor. Contributions (gifts or transfers) into UGMAs and UTMAs cannot be revoked, and the minor beneficiary cannot be changed.

What does UGMA stand for?

The state legislation that allows for gifts to children is the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). One or both of those acronyms are often associated with custodial accounts. Sign up for Fidelity Viewpoints weekly email for our latest insights.

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