What is the age of majority?
The age of majority is when a person legally becomes an adult. This can vary by state, but is usually either 18 or 21. This is the age when funds in a custodial account¹ can be turned over to the minor. You should double-check your state’s age of majority before opening a custodial account for a minor.
Want more information on custodial accounts, including how the transfer of assets works? Check out this article on Stash Learn.
¹The adult (or Custodian) who opens the account can manage the money and investments until the minor reaches the “age of majority.” That age is usually 18 or 21, depending on the Custodian’s state. The money in a custodial account is the property of the minor. Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child.
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