When a child opens a joint account with an adult, by law what relationship must the two have?

Question

Does it have to be a parent, an aunt or uncle, or could it be a total stranger?

Answer 1

Total strangers can open up a joint account together. Both of them would be equally responsible for it and both of them would have equal ownership rights to the money.

If it's a custodial account, then the custodian needs to be a parent or legal guardian. The custodian (parent) has all the rights and responsibilities while the minor has none. The reason parents open accounts for their children instead of doing it in their own name are:

1. Tax benefits
2. Educational Value
3. Keeps money seperate

Answer 2

I have an account for my grand daughter, so the other poster is incorrect. You can open an account for a minor as long as you have their social security number and birthday. I would not let a non-related or irresponsible adult open an account with a child since that person has the right to withdraw funds.

A non-related adult could be a lawyer, CPA or the trustee of the child's finances.

Answer 3

I don't know if there is a LEGAL restriction, but a TOTAL stranger shouldn't have the necessary information to open a joint account.