An account opened by a parent on behalf of a minor. Deposits to a custodial account are irrevocable and along with the earnings in the account become the permanent property of the minor. When the child reaches the age of majority (18 or 21, depending on the state) he or she assumes full Control over the account and any assets in it.
Browse by Subjects
Institute for Supply Management (ISM)
statutory maternity pay
accumulated earnings tax
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):