Why Designating Minors as Beneficiaries Could Be a Bad Idea

Do you have minor children or grandchildren as beneficiaries or contingent beneficiaries on your retirement accounts or insurance policies?

In this podcast, Derek Gregoire shares a story of a couple who recently came to SHP with accounts that had their minor grandchildren designated as beneficiaries.

Attorney Keith McManus of McManus Estate Planning weighs in on the matter and why that may not be the best approach.

Also covered, other potential problems you can avoid when leaving assets behind to your children whether they are minors or adults, such as making provisions for timing when the assets can be drawn down, for potential divorce and so on.

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