Can I open a Stash Invest account for my child?
You can now open a custodial account on Stash for any minor.* A custodial account allows a parent (or grandparent, other family members, or friend) to invest in a minor’s name.
The minor receiving the funds is referred to as the ‘beneficiary,’ and the person investing in the minor’s name is referred to as the ‘custodian.’ The custodian has sole control over managing the funds until the minor reaches the age of majority. The age of majority is the age when the minor reaches adulthood under State Law, which is either 18 or 21 (depending on the custodian’s state law).
When the beneficiary reaches the age of majority, the money deposited into a custodial account becomes the property of the beneficiary. The assets deposited into a custodial account cannot be taken back or given to someone else.
When the funds transfer to the beneficiary’s name, they can use them for anything they wish.
To learn more about Stash Custodial.
If you are looking to assign a beneficiary to your Invest or Retire account.
*The age of a minor varies by state, in some states it is everyone under 18, other states consider individuals as minors until they are 21.
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