My sister-in-law just took a new job, and is thinking of naming my minor daughter as one of two primary beneficiaries on her employer-provided life insurance policy. I can't recall for sure (and I can't get my CPA on the line today), but I seem to remember that there are major drawbacks in naming a minor as a beneficiary. Any thoughts would be greatly appreciated. Thank you. Regards,
You can name a minor as a benificiary, however no insurance company will release the funds to a minor. It will go to probate and a guardian will be appionted and thye court will determine the distribution of funds. Bad idea.