uniform gift to minors act sets forth guidelines for the gifting of cash and securities to minors and for the operation of accounts managed for the benefit of minors. Once a gift is given to a minor, it is irrevocable.
Minors can not own securities in their own names because minors can not enter into legally binding contracts. The conditions under which a security is bought or sold represents a legally biding contact. As such the securities must be held in the name of a nominal owner for the benefit of the minor.
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