Can someone please direct me to the proper way to set up child accounts? I would like the account to be monitored by me until they get old enough and then I would like them to be able to take ownership of it without losing any thing they have earned. Is this possible?
Yes it is.
What you want to do is make another Blizzard Account in YOUR name. Will need a separate email address.
That will allow you the best security, you can put on parental controls, etc. When they become of age it is far simpler to get it into their name at that time.
Thank you for the quick reply. Every time I try to create a Blizzard account I get the following error.
“Unable to process. Sorry we cannot process your request at this time.”
What should I do next?
Hmmm, and you are using a new email?
I’d try a different browser. See if the results are the same.
I am going to second the Parental Controls part. That lets you control chat, playtime, in-game purchases, and even get reports about account activity. You can protect your child, or protect their temptation not to do homework 
When they turn 18 you just contact Support and provide the ID documentation and they switch it to the child’s name.
Your approach is exactly what is recommended!
That was my thought as well. Make sure it is an unused email address with Blizzard.
If a different browser does not work, attempt to make it on your cell phone, using mobile data. This will eliminate any network issues at the router level etc.
Lastly, as I have not seen it mentioned, do be sure to take advantage of Refer a Friend with the new account as well. Get some benefits and cool mogs etc. for you and your child.
It was the browser. I went into incognito mode and was able to create the account.
So just to clarify, when they get older, I will be able to move the account into their name and they will not lose and progression in terms of mounts, gear and achievements correct?
No moving involved, you would just contact us and have the name changed.
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Yes, as all that’s happening is a registered name change on battle.net account they’ve been using.