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How to set up an account for a young family member

  • 04-10-2019 8:29pm
    #1
    Swagat
    Registered Users Posts: 5 ✭


    Hi all,

    I've been getting into stocks, etc. over the last year or so.

    I'm just wondering is it possible to set up a brokerage account for a younger family member who isn't your child? I.e. a 7 year old nephew.

    The thinking behind setting this account up is just so that they have some money working from them as early as possible. This would be a long-term buy & hold account for them.

    Just wondering does anyone know of any brokers who allow this type of account?

    I'm also thinking of looking into a DRIP account for them.


    Thanks a lot for any feedback & advice, much appreciated!


Comments

  • #2
    MarioLuigi
    Closed Accounts Posts: 54 ✭✭MarioLuigi


    Swagat wrote: »
    Hi all,

    I've been getting into stocks, etc. over the last year or so.

    I'm just wondering is it possible to set up a brokerage account for a younger family member who isn't your child? I.e. a 7 year old nephew.

    The thinking behind setting this account up is just so that they have some money working from them as early as possible. This would be a long-term buy & hold account for them.

    Just wondering does anyone know of any brokers who allow this type of account?

    I'm also thinking of looking into a DRIP account for them.


    Thanks a lot for any feedback & advice, much appreciated!

    As far as I know (not an expert) minors can't be the beneficial owners of any kind of traded asset. You could invest on their behalf and gift the end amount when they're older but you'll incur gift tax especially as the rates to a nephew are low.

    An option would be to create a trust which will "own" the shares until the nephew is of maturity, but this brings it's own pros and cons.


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