Claim: A custodial account is a financial account setup for the beneficiary of a parent with the minor as the obligated custodian.
Evidence: 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 legal guardian or custodian, who has a fiduciary obligation to the beneficiary. The custodian is often the minor's parent.