Can a minor be a beneficiary in a will or a life insurance payment?
1 Answer from Attorneys
A minor can be named, but, that will likely cause headaches that the decedent was trying to avoid.
A minor can not take direct control over the assets that are inherited. So, in order to properly secure the assets until the minor reached the age of majority, some type of conservatorship or restricted account (UGMA/UTMA) would be established. It may also require petitioning the court to establish an entity/account for this purpose. Something that would take time and money.
One solution is to create a trust structured to benefit the minor and name the trust as the beneficiary.
As with any estate planning solution, I highly recommend you consult with an attorney so that you do not create a headache that you were trying to avoid.