Legal Question in Wills and Trusts in New York
naming grandchildren as beneficiaries
Is it a bad idea to name 3 minors (2,4 and 6) as my beneficiares on my IRA and Retirement accounts? Can I name someone in trust for them if they're still minors when I die?
Also, what happens if I were to leave them 1/2 of my house, the other half going to my other son (not their father)
1 Answer from Attorneys
Re: naming grandchildren as beneficiaries
Because of their ages, and as I have suggested frequently for clients, you could consider creating a trust during your lifetime, which could then be named as beneficiary of the IRA and you could also Deed the house to it, now or upon death, by your Will. The trust would cover the minor issue, and also should spell out details on the house (who pays the operating costs like taxes, insurance, repairs and maintenance, etc.). If you have life insurance, it could be placed in the trust to cover these costs, and, of course, other assets could be placed there to provide needed liquidity. Contact me directly if you need more information.
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