What is the Uniform Gifts to Minors Act (UGMA)/ Uniform Transfers to Minors Act (UTMA), otherwise called a Custodian Account?

The Uniform Gifts to Minors Act and Uniform Transfers to Minors Act allow minors to own assets (like stocks, bonds, mutual funds, annuities, or insurance policies) held in a custodian’s name, without needing an attorney to set up a special trust fund.

If you wish to set up a UGMA/UTMA Embark account, you can do so by completing our Enrollment Form (PDF) and checking “UTMA/UGMA” under the account type section.