Investing in stocks for niece can it be done

Hi ,

ive ve got niece that is currently 2 years old can anyone shed someight on how to go about investing in some stocks for her I can see 2 problem areas one being tax file number and the other would be the custodian whitch im guessing would be myself and my brother ?.

im also aware of having somthing legal down on paper with regards to her taking the money out in 15/ 20 years time.

Im guessing that I'm not the first one to think about doing this.

Cheers Hayden