Investment firms have a new client service requirement. They must now ask you if you want to provide the name and information of a trusted contact. You do not have to supply this information, but it is certainly welcomed.
If you want to save for college, you may wish to consider a UGMA or UTMA account. These custodial accounts are typically created by parents and other relatives who want to gift minors without having to set up a trust.
Some factors for parents & grandparents to consider. Naming a minor as a beneficiary brings up a major concern. If parents or grandparents make a child a primary or contingent beneficiary of an [...]