A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a custodian, who has a fiduciary obligation to the beneficiary. In one form, a custodial account is an account set up for a minor, because the minor is ...
[n] - a brokerage firm account that parents have created for a minor
noun a brokerage firm account that parents have created for a minor