This is a type of financial account in which the assets benefit one person – typically a minor – but are managed by another. While the beneficiary is below the age of majority, they have no control over how the funds are used or invested, but once they come of age, they gain full control over the assets in the account. Common examples of custodial accounts include Uniform Gift to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts, though certain 529 plans can also share these characteristics.