What is another word for custodial account?
Pronunciation: [kʌstˈə͡ʊdɪəl ɐkˈa͡ʊnt] (IPA) 
Custodial accounts are popular among parents who seek to save for their children's future. These accounts allow parents or other designated custodians to manage the account until the child reaches adulthood. However, custodial accounts go by other names as well. Some common synonyms for custodial accounts are trust accounts, guardianship accounts, and minor accounts. Trust accounts are managed by a trustee for the benefit of the named beneficiary, while guardianship accounts are managed by a court-appointed guardian. Minor accounts, on the other hand, are managed by a minor's parent or legal guardian until the child reaches legal age. Regardless of the name used, the purpose of a custodial account remains the same - to hold assets for the benefit of a minor.
