SIE practice questioneasyAccount Types - Custodial Accounts
A parent opens a custodial account for a minor. Who is the legal owner of the assets in the account?
- AThe custodian
- BThe parent
- CThe broker-dealer
- DThe minor✓ Correct answer
Explanation
Why D — The minor
The minor is the legal owner, though the custodian manages the account. The parent and custodian do not own the assets, nor does the broker-dealer.
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