Generally, individuals under the legal age of majority, typically 18, have limited capacity to enter into contracts, including property ownership. While outright ownership with full control is often restricted, various legal mechanisms and circumstances allow for holding and managing assets on their behalf. For example, property can be held in a trust or through a custodial account managed by an adult until the minor reaches adulthood.
Securing a child’s financial future and managing inherited wealth are key reasons for exploring options related to underage asset ownership. Historically, legal frameworks have evolved to protect minors from exploitation and ensure responsible management of their resources. These protections balance the benefits of early asset acquisition with the need for oversight. The ability to receive gifts, inheritances, or earn income necessitates secure and legally sound avenues for managing these assets.
