What is trust accounts for minors?

Trust accounts for minors are financial accounts established to hold and manage assets for a child until they reach a certain age, typically 18 or 21. These accounts are often set up by parents or guardians and can include funds from various sources, such as gifts, inheritances, or savings. The trust is managed by a trustee, who oversees the assets and ensures they are used for the minor's benefit, such as education or health expenses, while also providing a level of protection from mismanagement or premature access.