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You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies. The significant exception to this rule is trusts. You ...
Naming minor children as beneficiaries, whether irrevocable or not, is generally not advisable. Instead, consider naming an adult or creating a trust to manage the funds on behalf of your children.
Continue reading → The post Minor Child as IRA Beneficiary: Requirements appeared first on SmartAsset Blog. ... Another option is to establish a trust. This option can be more costly and time ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
The exception is recognized to benefit minors, incompetents, and trust beneficiaries that may otherwise behave as a spendthrift would. A spendthrift trust is an example of an arrangement containing an anti-alienation provision. The governing document of such a trust provides that the trust corpus may not be reached by creditors while the ...
At the end of a specified time, any remaining value in the trust is passed on to a beneficiary of the trust as a gift. Beneficiaries are generally close family members of the grantor, such as children or grandchildren, who are prohibited from being named beneficiaries of another estate freeze technique, the grantor-retained income trust.