Education Account Types
There are several types of education accounts.
|UTMA/UGMA Account||Uniform Gift to Minors Act or Uniform Transfers to Minors Act. An UGMA/UTMA account is a type of account in which a donor transfers ownership of an asset to a minor. A custodian is designated by the donor to oversee the account until the minor reaches the age of majority.||Account Application|
|Coverdell ESA Account||A Coverdell Education Savings Account (ESA) is an account specifically designed to pay for the educational expenses of a minor at a future date. With an ESA, an adult serves as the “Responsible Individual” (i.e. custodian) for the “Beneficiary” (i.e. minor).||Coverdell ESA Application|