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I would strongly urge you to get a copy of (at least) the year-end statement(s) for the account(s) -- either from the institution holding the account or directly from your father. Even if you merely write the numbers in a notebook -- some kind of record keeping. At some point, you might need the documentation when you make redemptions.

Just to extend this suggestion, I would also suggest that if the OP uses a money tracking software like Quicken or MS Money, then set up a separate file for the child. That way, all the data can be collected and tracked in one place, and when the child leaves home, the OP can just give the child the file and the child will have all the basis and transaction information.

I've done that with my kids because there's no way to separate out accounts in Quicken, so this way, they each have their own file that they can take with them and manage on their own.
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