when can a child claim ownership of an utma account 
depending on the state a utma account is handed over to a child when they reach either age 18 or age 21 in some jurisdictions at age 18 a utma account can only be handed over with the custodian s permission and at 21 is transferred automatically enquire with the bank or brokerage where the utma is housed for clarification the bottom linethe uniform transfers to minors act utma is a law designed to allow a minor to receive gifts including money patents royalties real estate fine art securities and more without the aid of a guardian or trustee it is similar to an earlier law the uniform gifts to minors act ugma which was limited to gifts of cash and securities utma accounts are often set up to help fund a child s education although it s important to keep in mind that having a utma may impact a child s qualification for financial aid or scholarships a 529 plan may be a better choice for a child headed to college 13