Who controls the UTMA/UGMA account?
Until the age of majority, the custodian holds the money for a minor child and therefore retains control of the account. When the child reaches the age of majority, the assets belong to the child, which is a potential disadvantage of a custodial account because the beneficiary is not required to use the funds for educational expenses. The age of majority, generally age 18-21, differs from state to state.
