A custodial account is one that is set up for a minor child, with the parent or guardian usually managing and overseeing it for the child until they come of age. It can hold just cash inside of it, or it could have other items of value that will hopefully appreciate as time goes on and will be worth more by the time the child is old enough to take over. Understanding how these work can make a big difference in how you set one up.

Each state will have some regulations in place about what would be considered the age of majority, or when the child is going to be considered a legal adult, and who can be a custodian or an alternate custodian. Other than that, there are just two main types of these accounts that you can choose and the one you go with will determine what you are able to put into the account. The two main types of custodial accounts include:

# Uniform Transfers to Minors Act: This is going to be one of the most common of the custodial accounts because it is able to hold onto any of the assets that you would like, rather than just investments and cash. This means if you would like to add things into the account like real estate, intellectual property, art, or something else similar, then you will be able to do so with this kind of account. Most of the states in America will allow you to set up one of these accounts for your children, giving you a lot of freedom for what you can put inside.

# Uniform Gift to Minors Act: This is going to be similar to the one above, but it is limited to just your financial assets. This means that you are able to put things in like insurance policies, annuities, mutual funds, stocks, and cash. But you will not be able to put things into it like art or real estate. It will often depend on what makes the most sense for you.

As you are working on some of your finances, you need to take a look at the available apartments near Berkeley to see what is available. We have some great apartment units available in the area to ensure that you have a comfortable spat to call all your own. We know how important it is to find a space that is all your own with great amenities and the safety and security you are looking for. That is why we welcome you to come take a look at some of our great apartments to see whether they are right for you.