Can I Name A Minor as a Beneficiary on my 401K or IRA?
This is a common misconception, but children who are still minors cannot inherit money directly from your 401K or IRA. If you do not set up these accounts correctly, the courts will appoint someone to monitor how the money is being used for your child. What if that person wants different things than you?
Do you want to make the decisions about how your young child will inherit money after you pass away or are you okay with the courts making these important decisions on their behalf? Take charge and be proactive before the courts have the opportunity to muddy the waters.
Main points mentioned in the video:
0:43 Court Appointees
1:31 When the child turns 18, they'll receive ALL of this money at once
2:00 Tips on selecting a proper Beneficiary
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Nelson Elder Care Law, LLC is not affiliated with Avantax Wealth ManagementSM