I have a fourteen year old grandson. Both of his parents recently died. His guardian is his deceased mother's brother. I would like to open an account under his social security number for a college education. Does it have to go through the trust that his parent's left, or can I open the account with my name and his name?
If you open a joint account with he and you as owners, you could assume tax liability by having your SSN listed first, but if you pass away, your grandson would be the owner. There would be no restrictions on how or when the money is spent.
Establishing a trust of some sort would be the best way to designate how and when the money is his. It need not be part of any trust he already has. Your bank, and your attorney are the best resources to answer questions on this matter.
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