5.1.3.3. Other Custodial Accounts
Custodial accounts are accounts administered by an independent person (custodian) for the benefit of an individual accountholder (beneficiary). When custodians have third-party trading authorization allowing them to make trades in the accounts, they too have a fiduciary responsibility. Custodial accounts include employee retirement accounts and accounts belonging to a minor. Trust and estate accounts are also considered to be custodian accounts, because the trustee administers the account for the beneficiaries.
A Uniform Gifts to Minors Act (UGMA) account is a custodial account where an adult opens and m