Legal Question in Wills and Trusts in California
Listing minors as beneficiaries
I am married but would like to list my 2 minor children as my beneficiaries on my 401K and 2 investment accounts I have (an IRA and a Roth IRA). If I pass away when they are still minors, what will happen to the money? In addition, I will soon be moving to England, will I have to stipulate in any Will that I create there of my wishes for my American investments?
1 Answer from Attorneys
Re: Listing minors as beneficiaries
If you are married and live in California, your spouse is probably entitled to be the beneficiary of one-half of those accounts, and she will need to sign off before you change the beneficiary.
If you do name minors as beneficiaries, you can also name a custodian under the California Uniform Transfer to Minors Act to handle the investments up to the age of 21.
Assets with valid beneficiary designations are not subject to the provisions of your Will.
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