Custodial accounts are typically set up by a parent for their minor child, although it can also be opened by an Executor after you pass away. The custodian is the person that's put in charge of the account – you while you’re still alive and then someone of your choosing after you’re gone. It's fairly simple to set up through your Will. You simply state that any money the child inherits should be put into a custodial account, and then you name the custodian. If you have more than one child, each … [Read more...] about What is a Custodial Account?
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