Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
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Not all adults are grown up
It’s always important to consider, when opening this type of account, that around age 18 or 21, your child will be legally responsible for the money. And, as we know, very few individuals of that age are actually responsible or knowledgeable enough to make good choices with large sums of money. So, if you do open this account, make sure to start talking to your child early about being responsible with money, and make sure she understands how important it is to take good care of that money, once it becomes hers. You didn’t invest it for her all so she could blow it on a cruise.
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