South Dakota Estate Planning - What Are UGMA and UTMA Accounts?

Brooke Swier Schloss
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Estate Planning & Family Law Attorney

 

UGMA and UTMA accounts are accounts in which a custodian holds assets for a minor. An UGMA account is one under the Uniform Gift to Minors Act.

An UTMA account is one under the Uniform Transfers to Minors Act. States which have such accounts have rules which can vary slightly.

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