Glossary

1 5 A B C D E F G H I L M N P Q R S T U W Y
1 5 A B C D E F G H I L M N P Q R S T U W Y

U

  • UGMA

    The Uniform Gift to Minors Act (UGMA) allows assets to be held by a custodian for the benefit of a minor. When the minor reaches the age of majority (typically 18 or 21), control shifts to the beneficiary.

  • UTMA

    The Uniform Transfers to Minors Act (UTMA) is a custodial account similar to a UGMA, but it also allows the custodian to hold other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance.

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