Uniform Transfers to Minors Act (UTMA): A Guide to Gifting and Saving for Minors   The Uniform Transfers to Minors Act (UTMA) is a state law that provides a simple and effective way for adults to transfer financial assets to a minor without the need for a formal trust. This act allows for the creation of a custodial account that holds and protects the assets until the minor reaches the age of majority, as defined by state law.   How UTMA Accounts Work   A UTMA account is...