What kind of plan should I fund for child’s education?
There are a number of choices, including: 529 Plan, UTMA (uniform trust for minors act), Coverdell & more.
I’m going to highlight the differences in 2, the 529 vs. UTMA.
UTMA—it’s an irrevocable gift to that minor. Irrevocable means you can’t take it back. There’s no stipulation for use. So depending on the language, somewhere between 18 & 21 the minor, then an adult, can say “Gimme my money”.