Is it possible for children under 18 to own stock under their name only? Or does a parent need to sign as custodian? If so, can only one parent serve as custodian? If only one parent signs as custodian, what are the rights of the other parent in terms of ownership? Sry if this is wrong forum, not sure where to post it.
What a great question. I don't know the legal answer, but I would think that if they have a SS#, they can own the stock, but they can't buy it or sell it, that and all other matters would have to be administered by their legal guardians/parents.
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I Was reading Tom Basso's Book and his parents opened a trading account for him whenhe was under 18, If you check witha broker they willlet you open a account for under 18, but parents have to sign a form.
------------------------------ You can put it in just their name but you shouldn't. If they need to sell it and are not of legal age you will have trouble trying to reregister it. Also, Heaven forbid but if they should die as a child and have stock in their name it will be a real legal mess to have it reregistered to the parents. There is no reason to just put it in their name. Have it registered in custodial name. It is still their stock. If it needs to be sold it will then be easy enough for the custodian to open a custodial account with a brokerage firm and sell it.