Acronym for Uniform Gift to Minors Act. The act allows minors to buy and own...

Uniform Gifts to Minors Act. Law allowing assets to be distributed and administered in the name of a child. The assets distributed as gifts can only be cash and securities.

Is the Uniform Gift to Minors Act. Each state has its own requirements but many conform. A gift of securities to a minor is an irrevocable act. The securities are registered in the name of one adult who is the custodian for the child.