Just starting my 401k at work
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Viewing 3 posts - 1 through 3 (of 3 total)
.. I’m not married and I have no kids. I’d like to list my nieces and nephews as beneficiaries, but I heard minors cannot be beneficiaries.
Anybody know if this is true?
They can be. The money maybe handled differently until they turn 18 though.
They can be beneficiaries, but its best you put a clause in your will or create trust that the money is managed by someone trustworthy until they turn 18 OR such a time as they are deemed fit to receive it.