Im elegible for an upgrade to my phone. I assume since it is paid for I keep the phone I currently have. Can I give this phone to my son?
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Yep. Just pop the SIM card and anybody can use it.
Welcome to the community!
Whether you paid the phone off or not you can give it to anyone but you will still be responsible for the payments if it hasn't been paid off but since yours is then you don't have to worry about that.
Give it to your son and get your upgrade and enjoy.