What is the Uniform Gift to Minors Act?
Common to many areas in the United States of America, the Uniform Gift to Minors Act is a set of laws that help to protect the financial well being of minor children. In essence, the act provides standards and provisions for the responsible management of any assets that are assigned to a minor child. These assets can include any intangible gifts bestowed upon the child by relatives or other entities. The act serves as a means of ensuring the assets are cared for and utilized to benefit the minor child until he or she reaches adulthood and is capable of managing the assets personally. In general, the various state level incarnations of the Uniform Gift to Minors Act, or UGMA, will establish a custodian who is charged for managing and overseeing the assets for the minor. The custodian may be a parent or other relative, or any individual that is assigned the status of a legal guardian. An attorney may also function as the custodian, if that is the wishes of the individual or entity that e
