Account Opening & Customer Profile

On the death of one owner, that owner's interest passes automatically to the surviving owner(s), not to the deceased's estate.

Each owner has a divided, specified fractional interest; on death, that owner's portion passes to their estate, not to the other tenant(s).

Any one owner may enter orders for the account, but checks and distributions must be made payable to all owners (or as the account agreement specifies).

UTMA permits a wider range of property (real estate, art) and allows the custodian to hold assets until a later age; UGMA is limited to securities/cash and transfers at the age of majority.

One minor and one custodian per account; there is exactly one custodian and one beneficial owner (the minor).

Gifts are irrevocable; the minor is the beneficial owner. The custodian manages the account but does not own the assets.