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Online Share Trading

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Friday Rant

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Blik
Super Contributor
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
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4 REPLIES 4
Franksays
Frequent Contributor
Odd that...I opened a Satrix account for my son a month after he was born. Its in his name - and obviously I administer the account. Dont know why 7 years is a deciding factor though.
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SimonPB
Valued Contributor
it the law of the land, under 7 they not even a minor, 7-18 they minor .. you can't have anything in the name of a person under 7
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Blik
Super Contributor
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.
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klapka
Super Contributor
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.
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