Who is in charge of your child's Trump Account? Claiming it, two parents, and moving it
Since about October 1, 2026, Treasury has opened Trump Accounts automatically. Treasury's temporary rules, published at the end of September 2026, answer three questions families keep running into: who gets to run the account, what happens if two people claim it, and whether you can move it somewhere else.
Until someone claims it, Treasury is in charge
The rules say: "The Secretary is the responsible party for an auto account." While Treasury holds it, the account can receive only charity deposits and the $1,000 (if an adult filed Form 4547 for it). No family or employer money until it is claimed.
Who can claim it
The rules allow "a guardian or legal custodian having authority under applicable law to manage the account beneficiary's property or financial affairs," or the child once they are an adult, to claim the account through Treasury's app or web page. Expect to prove who you are, show your legal authority to act for the child, and sign the consent forms Treasury asks for.
Two people claim it? The first to finish wins.
This matters for divorced and separated parents, and for grandparents raising a child. The rules say: "If multiple claims are filed with respect to an auto account, the responsible party for the claimed initial Trump account will be the first person who activates the account."
Claiming in the app is not the finish line. The account has to be activated by signing the account agreement, following the bank's instructions. Until the money has moved into that activated account, someone else can still file a claim.
What the person in charge can and can't do
While the child is a minor, the person in charge can pick among the investment choices when more than one is offered, move the account to another Trump Account, move it to an ABLE account at age 17, and name someone to take over.
What they can't do is spend it. Before the year the child turns 18, the IRS notice says no hardship withdrawals, and the account cannot be closed and paid out. The child is the owner.
Can you move it to your own bank or brokerage?
Yes, with conditions. It is called a "rollover Trump account," and the whole balance has to move bank to bank. The IRS notice says "there can only be one funded Trump account for an individual at any time." The new firm must be a bank or one approved by the IRS, and any firm approved to hold IRAs as of December 31, 2025 is automatically approved. Whether a given firm actually offers Trump Accounts is up to that firm. Moves like this are only allowed before January 1 of the year your child turns 18.
At 18
If an automatic account is claimed after that point, the whole balance moves to a regular IRA in your child's name, not a Trump Account. What that means for withdrawals and taxes: Trump Account vs. 529 →
Sources
- Treasury and IRS temporary rules, TD 10056, "Trump Accounts" (September 2026), sections 1.530A-1T(e) and (f), on auto accounts and claiming
- IRS Notice 2025-68, Q&A A-3 to A-5 (trustees and rollover Trump accounts) and E-2 (no hardship withdrawals)
- IRS, Instructions for Form 4547 (the child is the owner; what the person in charge may do)
TrumpHealthcare.us is an independent educational resource, not affiliated with the U.S. government, the IRS, or Treasury. Not legal or tax advice. These are temporary rules and may change — verify at irs.gov/trumpaccounts and trumpaccounts.gov. Last reviewed: October 16, 2026.