Account Estate Application For Minor
Description
How to fill out Contest Of Final Account And Proposed Distributions In A Probate Estate?
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FAQ
One way to provide for a minor child with your life insurance benefit is to place it in a trust managed by a custodian of your choice. It might also be possible to designate your death benefit for uses that benefit your minor child.
While you can appoint a minor child as a life insurance beneficiary, doing so isn't always the best option. Luckily, there are several alternatives to consider, such as establishing a trust or creating a UTMA account.
How Old Must a Child Be To Be a Beneficiary of a Bank Account? There are no minimum age requirements for beneficiaries, so you can legally name a minor for the role. They'll receive ownership of the account upon your death but won't have direct access to the funds before reaching legal age.
If you choose to name your child as your beneficiary with a custodian, you should name someone you trust. More often than not, whoever you would name as your child's guardian would also be named the custodian, though legally, you're not obligated to set it up this way.
Do you have a contingent beneficiary in mind if you decide to name your child/children as your primary beneficiaries? Remember that you always want to name contingent beneficiaries so your estate isn't tied up in probate if your primary beneficiary isn't able to receive assets for any reason.