The Uniform Gift to Minors Act make it possible for adults to make irrevocable gifts of money and securities to minors.

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The Uniform Gift to Minors Act (UGMA) does indeed make it possible for adults to make irrevocable gifts of money and securities to minors. The purpose of the act is to provide a simple and efficient way for gifts to be made to young beneficiaries without the need for a formal trust or legal arrangement. Under the UGMA, an adult (the donor) can give a gift of money or securities to a custodian, who will manage the gift on behalf of the minor until they reach the age of majority.

The Uniform Gift to Minors Act Make It Possible for Adults