My kids (each under 10) are set to inherit proceeds of a life insurance policy from their recently deceased great grandmother (maybe 10k each).
Since they’re minors we (the parents) are required to go through the court to register as their “guardian” for purposes of dealing with these funds on their behalf until they’re 18.
The option I’d want to pursue and propose to the court is putting these in custodial 529 accounts. We already have 529s at Vanguard (owned by us, kids are beneficiaries) so I figured it’d make logistical sense to open custodial 529s there as well.
However - I can’t figure out how to open one or even any info about how to do it. Anything I find on vanguards site pertains to the type of 529 I already have and mentions you need to be 18+ to be the acct owner.
Has anyone here set up a custodial 529 at vanguard - if so do you remember how that worked? I tried calling support and they said to do it through the paper application, which they emailed me, but the application says the same thing about needing to be 18+. So unless I’m missing something I don’t think that’s the right answer…
Since they’re minors we (the parents) are required to go through the court to register as their “guardian” for purposes of dealing with these funds on their behalf until they’re 18.
The option I’d want to pursue and propose to the court is putting these in custodial 529 accounts. We already have 529s at Vanguard (owned by us, kids are beneficiaries) so I figured it’d make logistical sense to open custodial 529s there as well.
However - I can’t figure out how to open one or even any info about how to do it. Anything I find on vanguards site pertains to the type of 529 I already have and mentions you need to be 18+ to be the acct owner.
Has anyone here set up a custodial 529 at vanguard - if so do you remember how that worked? I tried calling support and they said to do it through the paper application, which they emailed me, but the application says the same thing about needing to be 18+. So unless I’m missing something I don’t think that’s the right answer…
Statistics: Posted by Frank Grimes — Fri May 17, 2024 2:30 pm — Replies 2 — Views 147