31
May
Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes. A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of your untimely death, doing so can have significant undesirable consequences. Not per your wishes The first problem with designating a minor as a beneficiary is that insurance companies and financial institutions.
