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When can a minor claim a custodial account in Washington?
In Washington, a minor can claim a custodial account when they reach the age of majority, which is typically 18 years old. Until that age, the account is managed by a custodian, usually a parent or guardian, who oversees the funds and makes decisions in the minor's best interest. Once the minor turns 18, they can access the account and take control of the assets within it.
What is a custodial account?
A custodial account is an account set up by an adult to benefit a minor.
When can a minor claim a custodial account in Michigan?
18 is the age of majority in the state of Michigan for Custodial accounts. In order to receive the funds the minor & the custodian must submit a form to the company where the funds are held.
How can a minor trade stocks?
Through a custodial account. An adult can setup a account and add you as a custodial. The custodial makes the trades through your accounts, but the money remains separate from both accounts.
Can minor operate trading account?
You must be 18 to establish a trading account. If you are under 18 you can have an account assigned to your social security number but it must be a custodial account and a custodian will control the account until you are 18 years of age.
Do you have to have consent from both parents to house a minor?
Yes. if the custodial parent can not take care of the minor the non-custodial have first dibs.
What are the key differences between a custodial account and a trust, and how do they impact the management and distribution of assets?
A custodial account is a financial account managed by an adult for a minor, while a trust is a legal arrangement where assets are managed by a trustee for the benefit of beneficiaries. Custodial accounts are simpler and have fewer restrictions, while trusts offer more control and flexibility in managing and distributing assets. Trusts can also provide more protection and tax benefits compared to custodial accounts.
At what age can a minor decide not to see a non custodial parent?
An minor can't decide to not see a non-custodial parent -- if there's a court order, it will continue until the minor is of age, 18.
Can a non-custodial parent make a minor a facebook page and not give the custodial parent the info?
Yes.
When was Virginia Minor born?
Virginia Minor was born in 1824.
When did Virginia Minor die?
Virginia Minor died in 1894.
What is the difference between opening a trust account for a minor and a custodial account?
A tust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A trust can be setup for a trustee of any age, and that age can be specified by the trustor. A custodial account is managed by an adult for a client who is considered a minor age 18-21 years old. Once the client reaches the legal age of their state of residence the account is taken over by the named account holder.
