The Uniform Gifts to Minors Act, commonly known as UGMA, is a United States act that allows assets such as securities to be held in the custodian's name for the benefit of the minor without an attorney setting up a special trust fund.
The Uniform Gifts to Minors Act is a United States act. These United States act allows assets such as securities to be held in the custodian's name for the benefit of the minor without an attorney fund. This attorney is setting up a special trust. The Uniform Gifts to Minors Act is commonly known as UGMA.