In turn, the trustee manages the assets owned by the trust for the financial benefit of a beneficiary. (jrcinsurancegroup.com)
UGMA and UTMA custodial accounts are created for the benefit of a beneficiary, who must be a minor. (moneygeek.com)
However, the account owner (such as a parent) will receive a copy of the 1099 - Q instead if the distributions from a 529 plan aren't made directly to the beneficiary or to an educational institution for the benefit of the beneficiary. (turbotax.intuit.com)