Under the Uniform Gift to Minors Act, will my child take control of the money I ve saved for him when he turns 18?
Generally yes. When you re saving on behalf of a child, the account must be registered in the child s name under the Uniform Gift to Minors Act. In an UGMA, an adult (usually a parent or grandparent) serves as the custodian of the account and is responsible for investing and managing the assets. The child, however, is the “beneficial owner” of the assets. They belong to the child, not to you. When your son or daughter turns 18, they can spend the money any way they wish without your permission.
