What are custodial accounts?
Custodial accounts allow parents, relatives or any adult to open an investing account for someone under 18.
They are great because they can be setup easily, they provide flexibility to invest in many different ways while letting you use the money how you see fit, so long as it is benefitting the child.
The adult remains in control of the account until age 18 or 21 depending on the state, when they can then access it, should they request.
You can make withdrawals at any time so long as it is used for the child’s benefit.