In the name of the child.
Advantage : the funds belong to the child
The KEYPLAN is opened by the parents and the child gets control of the account at the age of 18. You can stop your payments whenever you want, but you cannot close the KEYPLAN. And any money invested in the KEYPLAN so far belongs to the child.
In your name with the child as the final beneficiary.
Advantage : the funds belong to you until the last moment
You decide when the KEYPLAN will belong to the child. Until that date, you remain in control. You can close the KEYPLAN and any money invested remains yours.