Neale Godfrey: Money For Life
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NealeGodfrey
NealeGodfrey

Editor

Hi Terry. It was an UTMA account. It's a custodial account set up for a minor(an UGMA or UTMA account). The Uniform Gift to Minors Act (UGMA) established a simple way for a minor to own securities without requiring the services of an attorney to prepare trust documents. Many parents use it to set up college funds.

TerryPotter
TerryPotter

I didn't know this! What kind of account did the mom use?

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