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What is the purpose of a custody account?

Who controls a custodial account? Money in the account belongs to the child, with the adult acting as custodian until the child reaches a certain age (between 18 and 25, depending on the state), at which point the assets must be transferred to the child.

What happens to a custodial bank account when a child turns 18?

This means that a custodial 529 college savings plan for a dependent student has a low impact on financial aid eligibility. Thus one method of dealing with the financial aid impact of a custodial bank or brokerage account is to liquidate the account and transfer the proceeds into a custodial 529 plan account.

Who owns the money in a custodial account?

Here are the logistical details: The adult custodian opens the account for a specific child. The adult can then add money to the account and choose investments. When the child reaches a certain age (generally between 18 and 25, varying by state), assets and control of the account must be transferred to them.

How to get money out of a custodial account?

A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.

Can I withdraw money from my custodial account?

Assets and income in a custodial account belong to the minor beneficiary (the child). Minors with unearned income such as interest, dividends, and capital gains, generally have to file an income tax return if, among other things, their unearned income is over $1,350 (in 2025).