If a child is younger than 18, any investment activity on their behalf needs to be done through something called an “In Trust For” account (aka. ITF account). Typically, this account is opened by a parent(s), guardian(s) or family member(s) but it can also be opened by a close family friend or other relation. In any case, this type of account will be managed by the person who opens it until the child is 18. When the child turns 18, the account can then be transferred into their own name.
If you are ready to help establish some savings for an important child in your life, book your free consultation today.