Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
Source: wera Rodsawang / Getty
You won’t accidentally spend it
The beauty of a custodial account is that, if you put that amount in there each year—let’s say it’s $2,500—you know you won’t spend it on anything frivolous or questionable. It’s safe from your child’s demands of that very expensive toy or designer clothes. You know that your child may pressure you into buying her useless and depreciating gifts over the years. It’s nice to know that at least your annual contributions to the account are safe from that spending.
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