How do I use Six Park to invest for a child?
There are two main ways to invest on behalf of a child who is aged under 18:
- A parent or relative signs up as a client: Using this method, the investment portfolio is legally held in your name. When setting up the account, you will be asked to provide an “account designation”, in which you should enter the name of the child who is the beneficiary of the investment account.
- Using a family trust: You can set up a discretionary family trust with a child as a beneficiary, and then the trust invests via Six Park. Legally, the assets are held in the name of the trustee.
As part of the account creation process with Six Park, you’ll need to supply a copy of the child’s birth certificate to show they are under 18 years old.
Six Park can’t offer tax advice, so you may wish to speak to a tax adviser or accountant about the advantages and disadvantages of each option from a tax perspective.