North Carolina  |  Wills and Trusts

I don't see why you can't list a payable on death beneficiary on the mutual fund account as a contingency but you will have to fight that battle with your insurance company or switch companies. On the other hand, it may not be such a great idea to name a minor anyway for various reasons - it would seem to make more sense to have a trust in place for the minor ad make sure the assets go in the trust. You may also have misunderstood your attorney b/c if nothing is named on the mutual fund and you both die, the assets will go into your estate and be distributed through the residuary clause in your will.