No. Money and assets deposited into a custodial account immediately and irrevocably become the property of the child. In other words, you can't take the assets back or give the assets to someone else.

You must be able to prove, as the custodian, that the minor directly benefits from the money being spent. You aren't able to withdraw money from a custodial account for your own individual expenses. If you are the beneficiary of the custodial account, you can withdraw funds once you legally become an adult.

Custodial accounts for minors come in two varieties. The main difference involves the types of assets each can hold. Uniform Gift to Minors Act (UGMA) accounts can hold most types of financial assets, including things like cash, stocks, bonds, annuities, and insurance policies.

For use with Uniform Transfers to Minors ACT (UTMA) or Uniform Gift to Minors Act (UGMA) accounts. Acting Custodian's Signature: Date: This designation of successor custodian does not take effect until the undersigned custodian resigns in writing, dies, becomes incapacitated, or is removed as custodian.

Once the minor reaches the legal age of adulthood in their state, control of the account officially transfers from the custodian to the named beneficiary, at which point they claim full control and use of the funds.

Typically, under the applicable UTMA/UGMA statute, the custodian may name a successor upon death. If a successor is not designated and the minor is over age 14, the minor may appoint a successor using a notarized letter. Otherwise, the minor's guardian becomes custodian or the court appoints one.

Can I take money out of my child's custodial account? All money put into a custodial brokerage account becomes irrevocably your child's. That means you can't withdraw money for your own personal use after you've contributed it.