UTMA, Generally
Pennsylvania's Uniform Transfers to Minors Act allows individuals to give property to minors, while restricting the minor's access to that property. UTMA accounts are frequently used when a child is not mature enough to manage the gift independently, but the property value is not considered significant enough to justify a trust.

UTMA accounts are created by transferring any type of property to an individual "as custodian for (the minor) under the Pennsylvania Uniform Transfers to Minors Act." This language must be used to create the account and, once created, the property belongs to minor and cannot be revoked. Although the property belongs to the minor, he or she does not have the ability to use it until reaching the specified ending age.

Although the minor's access is restricted, the account custodian is permitted to use the property for the minor's benefit. The custodian's duties and authority are similar to those of a trustee, such as the authority to invest or re-invest the property. Unlike a typical trustee, the custodian is not required to provide regular accountings to the court showing all property activity. However, the custodian is still required to maintain accurate records of all activity.

Also unlike trusts, individual UTMA accounts are only permitted to have one beneficiary, but all of the property of one minor may be combined into a single account.

See: UTMA, Ending Age