The term custodial account generally refers to a savings account at a financial institution, mutual fund company, or brokerage firm that an adult.
Financial vehicles such as a UTMA/UGMA account or a Coverdell Education Savings Account can allow an adult to invest for a child's benefit, and they often have tax advantages. A custodial account is any type of financial account set up by one person for the benefit of another.
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A custodial account is a financial account set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or.