There are various ways to make the transfer. You can use a similar designation for a bank account. The financial institution where you set up the account should be able to help with the mechanics. Even though the child will not have control of the property until later, the child is the owner as soon as property is transferred to the account. You're not allowed to change your mind and take the property back.
Income generated by assets in the account is the child's income.
The account terminates when the child reaches a specified age. The age depends on your state's law, and may depend on the type of transfer. In some states you can choose to designate a different age than the one that automatically applies, but the law will impose a limit on the age you can choose. For example, in California an account established by gift will terminate when the minor attains age 18 unless you specify a later age, up to age 21. When the account terminates, the custodian transfers the property to the child, who can use it in any way he or she chooses.