We have 4 kids--we basically set up accounts with money that we had been saving for them, but we put it in our names. I do believe that if you put it in their name, it is legally theirs. It was much easier for us to put it in our names, than to put it in their names and then have them want to cash out a portion of it to go buy.......let's say something like fireworks or candy. :) And if you do set it up in your name now, think of what a nice gift it might be for them years down the road when they graduate, and you may be able to contribute to their education.