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Many parents with young children choose to buy shares for their children which creates an informal trust.
In Australia however, the law states that a minor (individual under the age of 18) is unable to legally own property or shares. Therefore, an adult – often a parent or guardian – is required to ‘hold’ the shares for the minor until they turn 18 years of age and transfer out of the Minor Trust Account and into an account in the beneficiary’s own name using an Off-Market Transfer, which may incur a transfer fee.
Note: that while a child cannot be a “legal owner” of shares, a child can still receive the benefit from shares that an adult owns for them. In other words, they can be a beneficial owner.
Let’s say that Robert Smith decides to buy Woolworths shares for his 12 year old son, John. In this case, the shareholding name would be:
The small brackets in the shareholding name denote what is called an ‘account designation’ which indicates a trust relationship. Here, Robert Smith (the legal owner of the shares) is holding the shares in trust for his son, John Smith (the beneficial owner).
To sell shares held for a minor or child, the following process applies:
To get a copy of your documents certified, follow the instructions below:
As the leading one off share specialist in Australia, you won’t find a mob who can sell your shares faster! For Express share sales, we will sell your shares on the same day you complete the online share sale form (provided you complete the online ID check before 3pm AEST). For Value share sales, we will process your share sale within 1-2 business days.
Funds from your share sale are transferred to your bank account 3 business days after the shares are sold. For example, if you sold your shares on Monday, you would receive your money on Thursday.
We have 3 service levels for our share sale service, starting at Australia’s lowest one off share sale rate of just $50 or 0.5%. The most popular service is our Value service which is $110 or 1%. If you need your shares sold urgently, you can use our same day Express service for $150 or 1.5%.
The brokerage fee is collected from your share sale proceeds before we transfer them to you, so there are no up-front costs and no other hidden fees or charges.