A COL Account for Minors (below 18 years old) is called an In-Trust-For Account (ITF).  This is specifically intended for a parent who wants his/her minor child to be the beneficiary of the account.

The procedure for opening an ITF Account is basically the same as the standard application (you can follow the steps in ‘How to Open a COL Account‘).  

 
The difference would be the following:

1.  In filling out the form, the parent would be the Primary Account Holder and the minor would be the Secondary Account Holder.  In the signature portion, the Primary signs on the first  line and the name of the minor should be written on the second line.

 
2.  An ITF (In-Trust-For) Supplementary Agreement must be accomplished as part of the application form.
 
3.  Photocopy of the following should be submitted together with the application form.  
 
     For Principal
     1.  Any government ID
     2.  Billing Statement (for non-appearance)
 
     For Minors:
     1.  Birth Certificate

Note:The Primary Account Holder needs to be the biological parent of the minor.  Otherwise, adoption or court papers showing appointment as the minor’s guardian have to be presented.Once the beneficiary reaches the age of majority, the Primary Account Holder may convert the account into either:

1.  a  Joint Account with the beneficiary; or

2.  an Individual Account under the beneficiary’s name.

Thanks & God bless,



P.S.  COL Financial, Inc. is the recommended Stock Broker of Bro. Bo Sanchez to all his Truly Rich Club members.  The TrulyRichClub is a membership Club that he had created to help people achieve Financial Wealth and Spiritual Abundance. It is a private group of individuals who have decided to do something about changing their beliefs and thinking—to gain the abundance mentality they need to change their lives forever. Bro. Bo provides them with the right tools, principles, and strategies to grow in their financial and spiritual life.  

6 Thoughts on “How to Open a COL Account for Minors

  1. thank you very much for this helpful information

  2. I am thinking to open an account for my son. This might be the best way to teach him on how to save money and how invest in stocks!… hmmm! this will be exciting!… thanks for the info. Joey! GBU

  3. Rey Raflores on October 20, 2013 at 9:29 am said:

    Joey , presently I have an individual account in COL and have no secondary . What
    will happen to my account ?

    Can I update it to have a beneficiary?

    • Just like bank accounts, we don’t declare beneficiaries for our Stock Accounts with COL. They’re not insurance. When something happens to us, our accounts will form part of our estate and our heirs will have to go through the extrajudicial process to put claims thereon.

      You may switch it to a joint acct if you wish.

  4. MYLENE SAN JUAN on February 26, 2014 at 4:15 am said:

    Hi, Mam JOEY,
    GUSTO KO LANG ITANONG KUNG PAPANO KUNG GUSTO KUNG MAG BUKAS NG ACCOUNT NA KASAMA YUNG NAME NG ASAWAKO. PARA KUNG MAY MANGYARI SA AKIN EH SA KANYA MAPUPUNTA YUNG PERA KO…. PWEDI KO BANG ILAGAY ANG NAME NYA KAHIT NA DI NYA PIRMAHAN KASI HINDI PA SYA OPEN SA STOCKS MARKET… YHANK YOU….

    • No. This is so much like opening a bank account. The parties opening must both SIGN the forms. There is no beneficiary here. This is not insurance. When something happens to the account holder, the account forms part of the estate and the heirs will ahve to go through the extra judicial proceedings to make a claim.

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