The Uniform Gifts to Minors Act (UGMA) allows minors to receive gifts, such as money or securities, in a simple, irrevocable manner without the need for a guardian or trustee.
The Uniform Gifts to Minors Act (UGMA) is a legislative framework adopted by most U.S. states to govern the distribution and administration of assets gifted to minors. It allows minors to own assets without requiring the services of an attorney to establish a special trust.
