I am really more interested in which account to open. There is no way that these accounts are going to get to $25k anytime soon. Does Merrill Edge let me open multiple brokerage accounts in my own name?
I would open multiple CMA accounts (online, self directed).
This has more info
https://www.merrilledge.com/pricingAs a full fledged investment account, you can do $0 load-waived mutual funds, and once your combined balances are >$25,000 you can start using the $0 stock / ETF trades.
From personal experience, I opened a self directed CMA in 2013, and put $25 in it (I think that was the minimum at the time), but now it looks like the minimum investment is $0? Anyways, I had the account for 4 years, no annual fee, just my $25 sitting in it, not doing anything.
Give it a shot, I'm in Texas and can't add the TOD form on my account(s), but you should have no problem opening multiple CMA's and having a different TOD for each account (to different nieces and nephews). Most importantly, the $0 minimum and no annual fee should make it a no brainer, but you should double check the fine print when you open them!
Good luck!