TD Ameritrade Guardian Account Types

TD Ameritrade offers several types of guardian accounts, primarily designed for managing investments on behalf of minors or adults who are unable to manage their finances. The main types include:

• Guardian/Conservator Account: This account allows an adult to manage the assets of a minor or an incapacitated adult. The guardian has the authority to make trading decisions and manage investments until the beneficiary reaches the age of majority or regains capacity.

• UTMA/UGMA Accounts: These custodial accounts allow for the transfer of assets to minors without the need for a formal trust. The assets are managed by a custodian until the minor reaches the age specified by state law (typically between 18 to 25 years).

• Minor IRA: A tax-deferred account that can be opened in either Roth or Traditional format, requiring the minor to have earned income. There are limits on annual contributions.

TD Ameritrade Broker Account Opening Process

To open a guardian account at TD Ameritrade, follow these steps:

• Visit the Account Opening Page: Go to TD Ameritrade's website and click on "Open New Account."

• Select Account Type: In the left-hand column, expand the “Joint/Minor” section. Select “Guardianship or Conservatorship” from the list.

• Complete Application: While you can start the application online, you must complete the process by filling out paper forms. After submitting the online form, you will receive an email with further instructions.

• Submit Required Paperwork: You can either download the required forms or have them sent via postal service. The account will not be opened until TD Ameritrade receives and processes the completed paperwork.

• No Fees: Opening and maintaining the guardian account incurs no fees, with $0 commissions on stock and ETF trades, and $0.65 per contract for options trades.

For further details on the account features and benefits, visit TD Ameritrade Guardian Account.