Yes, you can withdraw money from a UGMA account. However, there are important considerations to keep in mind. For example, if the child has not yet reached the age of majority, the custodian (often a parent, grandparent or guardian) has the authority to make decisions regarding withdrawals from the UGMA account. Withdrawals should be made for the benefit of the minor. They are typically used for expenses such as education, medical care or other needs that directly benefit the child.