This is the most common choice. You manage the investments, but the assets belong to the child. They get full control once they reach adulthood (usually 18 or 21).
You will need the grandchild’s Social Security Number and birthdate to open any custodial account.
Setting up a recurring transfer of even $25 a month is often more effective than a one-time large gift.
Many brokers (like Charles Schwab or Fidelity) let you buy $5 or $10 worth of an expensive stock so you can build a diverse portfolio with less cash. 📝 The Practical Steps
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