Are there age restrictions to open an account?

An adult beneficiary who can manage an account for themselves can open an account or select anyone to act as their Authorized Legal Representative (also known as an ALR). If a beneficiary is under the age of 18, they must have an ALR do it for them.

If the person is unable to select someone to manage their account (any age) the ALR with authorized signatory on the account must be one of the following for the beneficiary: Power of Attorney, Legal Guardianship/Conservator, spouse, parent, sibling, grandparent, or serve as the representative payee assigned by the Social Security Administration.

Learn more about the role of an ALR