• A custodial account is a financial account that parents manage in their child's name - a tool to transfer and build wealth that can invest in almost any asset

    5 days ago - By Business Insider

    Custodial accounts are easy to set up and administer. However, contributions to them are irrevocable, and parents ultimately must give control of them to children.
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    A custodial account is an investment account in a minor child's name that's managed by an adult.
    Custodial accounts are cheaper, more manageable, and less restricted than trusts or specialized education accounts.
    A custodial account irrevocably passes to the child when they come of adult age.
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