Uniform Transfer to Minor
A Uniform Transfer to Minor account, or "UTMA," maintains a parent or legal guardian as legal custodian of funds being held for a minor to be dispersed at a later time. The custodian determines when the transfer of assets will take place, usually when the minor reaches the age of 21.
Note: These accounts are registered under the minor’s social security number and birth date. Minor cannot withdraw funds, until the age of 21, when the custodian closes the account and minor opens an account in their own name.