Definitions for custodial account
cus·to·dial ac·count

Princeton's WordNetRate this definition:0.0 / 0 votes

1. custodial accountnoun

   a brokerage firm account that parents have created for a minor

WikipediaRate this definition:0.0 / 0 votes

1. Custodial account

   A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is commonly used for petty cash, or for transactions that have very limited and clearly defined payees and transaction types. For example, law firm accounting includes trust accounts for disbursing funds entrusted to the law firm by each client for the client's benefit.

ChatGPTRate this definition:0.0 / 0 votes

1. custodial account

   A custodial account is a financial account set up by an adult on behalf of a minor who is under a certain age (varying by country or state), where the adult, known as the custodian, has the responsibility to manage the assets placed in the account until the minor reaches the required age. The assets can include cash, stocks, bonds, and other types of investments. Once the account is set up, the assets are under the control of the minor and cannot be taken back by the custodian.

WikidataRate this definition:0.0 / 0 votes

1. Custodial account

   A custodial account is a financial account set up for the benefit of a beneficiary, and administered by a responsible adult, known as a custodian who has a fiduciary obligation to the beneficiary. In one form, a custodial account is an account set up for a minor, because the minor is under the legal age of majority. The custodian is often the minor's parent. A custodial account can be a bank account or a trust fund or a brokerage account. This type of account usually come with a Coverdell ESA Form a tax advantaged contract. It deals with successor rights and other contract conditions depending on who issues the form. In another form, a custodial account is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is commonly used for petty cash, or for transactions that have very limited and clearly defined payees and transaction types. For example, law firm accounting includes trust accounts for disbursing funds entrusted to the law firm by each client for the client's benefit.

Matched Categories

1. • Cash Account

How to pronounce custodial account?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say custodial account in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of custodial account in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of custodial account in Pythagorean Numerology is: 1

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=custodial account
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Custodial_Account
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=custodial account