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Here’s how custodial accounts work. For premium support please call: 800-290-4726 more ways to reach us
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.
Custodial accounts. A custodial account is an account that parents can set up and manage on their minor child’s behalf, and the child is able to take over the account upon becoming a legal adult ...
A custodial account is a popular way for parents and guardians to invest for their children’s future. Accounts are easy to set up and manage, and the adult custodian can choose from a wide range ...
A joint account is simply a bank account shared by two or more people, each with full access to the funds. Having a joint account can make it easier to manage shared expenses, but it's not always ...
If the joint account is a survivorship account, the ownership of the account goes to the surviving joint account holder. Joint survivorship accounts are often created in order to avoid probate. If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.
For premium support please call: 800-290-4726 more ways to reach us
Merrill Edge's services are available to individual investors, as well as small business owners and corporate clients. The platform provides a range of account types, including individual and joint brokerage accounts, retirement accounts such as IRA, Roth IRA, custodial accounts for minors, as well as 529 plans for education savings. [22]