^ That is the understanding.
I offer you this opinion(s) in hopes that you can better figure out what is best.
IMHO: The rewording of the FAFSA for Coverdell and 529 for minors is because, again in my opinion, logical.
Since a minor cannot "own" a security account and thus an adult must initially open this type of account, control of coverdell and 529 remain with the the adult until relinquished. The exception is that some places may allow an 18 year old to open a security account, but for this year, virtually all coverdells and 529s had to be initially started by a legal aged adult.
In the case of Coverdell in an UGTM/UTMA. Although the owner is a minor, the custodial adult has effective control and remains in control until forced to by the minor-turned-adult. Perhaps it could be argued that the custodial adult retains effective ownership as fudiciary duty and will only give up control when the new adult proves him/herself worthy or until the court forces ownership change (minor-adult sues).
Another example would be an IRA of a minor. This account again cannot be started without an custodial adult.
There is a difference in an minor IRA and a Coverdell/529. The IRA is for retirement of the owner and must eventually owned by the owner. Coverdell/529 are for education use with varying degree of control. UTMA is for transfer of assets with change of control at majority.
When I gave up control of the UTMA in a stock/bond trading account, the broker had a series of questions to me and to the minor. It was interesting and welcomed to discovered that the security broker wanted to make sure that I was doing my fudiciary duty, that the minor-adult understood how securities worked, and that the broker wanted to insure that he was doing his fudiciary duty to both of us.
Reference: IRA Agreement, Brokerage Agreement, tax programs/help books. 529 Agreement.
disclaimer: We are done. Relinquishing control of UTMAs. Trying to minimize taxes while maximizing wealth. Other opinions probably better than mine, especially the professional guys. I am pretty bored today.