Are there any broker that allow 16 year olds to be the sole beneficiary on a brokerage account?
Brokers that allow minors in beneficiaries
- Thread starter David Donner
- Start date
Robert Morse
Sponsor
Do your mean a joint account with rights of survivorship or an individual account with a Transfer on Death?
Individual Account where the sole beneficiary is my 16 year old son.
Robert Morse
Sponsor
I would have to ask. If you want me to, email me.
In the US you must be at least 18 to enter into any kind of legal contract, so technically children cannot open their own brokerage account.
In your case your son will be able to take full control of your trading account once he reaches age 18 (or 21, depending on state laws).
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Robert Morse
Sponsor
I checked the TOD form- If beneficiary is a minor, you must designate a custodian.
I used a trust set up for my children as the beneficiary.
Could you explain that a bit more?
Most brokers will allow this. It's more the rare case where you run into issue where you can't.