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Q: Can a grandparent open a vautma account for their grandchild?
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Can grandparents open a VAUTMA account?

No, only parents or legal guardians can open a Virginia Uniform Transfer to Minors Act (VAUTMA) account for a minor. Grandparents cannot directly open a VAUTMA account in the child's name.


what are different kinds of bank account?

There are several, like a checking or a savings account, then there are commercial accounts for people who have businesses, then of course there are "in trust" accounts, these are accounts that are set up by one person for another e.g.: a grandparent can open such an account for a grandchild, and put money away every month until the child becomes of age. the best thing to do is to go and see a branch manager and ask what is best for you.


How to open and IRA for a 2 year old grandchild?

Would have to open a Coverdell IRA account and you would be the "guardian" on that account that would sign off on money being taken out or transferred to another firm, etc


What are the different kinds of bank accounts?

There are several, like a checking or a savings account, then there are commercial accounts for people who have businesses, then of course there are "in trust" accounts, these are accounts that are set up by one person for another e.g.: a grandparent can open such an account for a grandchild, and put money away every month until the child becomes of age. the best thing to do is to go and see a branch manager and ask what is best for you.


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