A minor is defined as a person who is under the age of legal competence; a person under the age of majority.
Minor Account Explained
A minor is a child under the age of 18 or 21 depending on State laws. With a minor account, a parent, natural guardian, or person providing chief support for a minor may set up a Minor Account and buy, hold, sell securities for the minor. This can also be referred to as a custodial account.