Complex sentence: The Uniform Gifts to Minors Act, commonly known as UGMA, is a United States act that allows assets such as securities to be held in the custodian's name for the benefit of the minor without an attorney setting up a special trust fund.
Split into simpler sentences: The Uniform Gifts to Minors Act, commonly known as UGMA, is an act that allows minors in the United States to own property such as securities. If this recipient person is a minor, the UGMA allows the minor to own the assets without an attorney setting up a special trust fund.