Beneficiary
Understand beneficiaries in estate planning - how to choose them, what happens when they predecease you, and common designation mistakes to avoid.
Can I name my minor children as beneficiaries on my accounts?
You can name minor children as beneficiaries, but financial institutions typically cannot distribute assets directly to minors. Instead, a court-appointed guardian or conservator would need to manage the funds until the child reaches adulthood. Many families avoid this complication by naming a trust as the beneficiary instead, which allows a trustee to manage assets for the child's benefit without court involvement.
