Should you designate a minor as beneficiary?
It’s natural to want to nominate a child or a grandchild as a beneficiary of your estate. However, if that child is still under 18, is it wise to designate them beneficiary? There could be legal aspects at play that complicate the issue. If you want to ensure care for a young person after your passing, consider naming a trustee as beneficiary instead. Holding the money in trust is a smarter, safer alternative and can cut down on troublesome disputes.
Know the beneficiaries you’ve designated on investments
Your will is not the final word on the distribution of your assets, even if it might seem that way. Think about brokerage accounts, bank accounts, and even some investments you may own. Did you designate a beneficiary during the setup process? I’d advise you to check on these investments without delay — beneficiaries named on these accounts receive them automatically upon your passing, bypassing probate. Strive for consistency in who you name.
