Flip - I just have to rant about this. I setup an Auto Share Invest account for my daughter, before she was born. Now being born, well and alive, I want to set up a Standard Bank Account for her, in her name, and transfer "my" auto share invest account into her name. Mainly in the event that if I croak at least this account wont incur estate duties and her guardian will be able to access cash until my estate goes through. I will / would still obviously manage the account until she comes of age. You would think this would be possible.....ha NOT! Apparently I can only open up an auto share invest account in her name when she turns 7. Now what genius decided that 7 would be a good age for someone to have an auto share invest account. Is that when you suddenly become financially aware - I certainly missed that boat big time. And they call it "simpler, better, faster"....hmmm. And dont get me started on the flippen call centre....grrrr
Apparently I can open a normal current account in her name anytime from when she is born - or so the call centre says. I just cant have an Auto Share Invest account until she is 7. So basically if I croak before she turns 7, any investments I have made for her, other than cash in her current account, is subject to estate duties....unless I open a trust. Unless I have it completely wrong.
Blik the difference is your daughter has no contractual capacity under 7. From 7 to 18 she has but you or a guardian still have to sign with her. There are all sorts of things you can put in an infants name, eg an RA (never understood why a 1 year old would want an RA?) and even property can be registered in a minor's name, though very much not recommended. You have to go to the high court for permission to undo if you change your mind and it is expensive.