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What is a UGMA/UTMA?

The Uniform Gift to Minors Act or Uniform Transfers to Minors Act allows the custodian, such as a parent, grandparent, relative, or friend, to open an account for a beneficiary, such as a child or grandchild.  When the custodian sets up the account, the custodian picks what age the beneficiary will take control of the account. This is normally between 18 and 25, depending on the state the custodian resides.  The custodian can open this type of account with Acorns by opening an Acorns Early account. 

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