The UTMA and the UGMA serve similar purposes, but there are important differences between them. Most notably, the UTMA allows for a broader range of assets to be gifted, including financial securities such as stocks and bonds. The UTMA also provides additional time for the assets being gifted to reach their maturity dates, such as in the case of a bond. By contrast, the UGMA requires the assets to be assumed by the minor once the minor reaches 18 years of age.