Retirement Plans Left to Minors

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Retirement Plans Left to Minors sengsational 01-01-2008
Posted by sengsational on January 1, 2008, 6:56 am I've been reading Denis Clifford Nolo books on making living trusts, simple wills, and estate planning in general, but have a question that I didn't see answered. As to background, I just want to leave everything to my wife, or if we both die concurrently, to my minor kids. My wife is beneficiary, or specified as POD recipient on all accounts or joint owner, so almost nothing would go through probate as long as she outlives me. The question has to do if we both die at the same time. Say I create a basic shared living trust (my wife and I as co- trustees) and a third party "Bob" as successor trustee. Is it possible/wise/prudent to specify, for my retirement accounts, "Bob as trustee for (my) living trust" as the secondary beneficiary (wife being primary)? If I die, my wife as primary beneficiary would get the proceeds directly (not through the trust nor through probate). If my wife and I die concurrently, "Bob" becomes the trustee of the living will and also gets the proceeds so he can administer to my kids, all outside of probate court. Seems like it should work, but then again logic has nothing to do with it...it's law, after all ;) --Dale-- Similar Threads Posted Retirement Plans: 403(b), 457(b), etc May 18, 2008, 5:03 pm 529 plans, what do you lose with the lowest cost plans? December 11, 2006, 12:23 pm Deferred compensation plans July 12, 2008, 2:31 pm Comparing 529 college savings plans December 10, 2006, 9:36 am Looking for some critique & analysis of my financial plans September 27, 2008, 4:46 pm Taxes on stocks and dividend reinvestment plans April 16, 2007, 12:29 pm long term health care plans December 20, 2007, 4:55 pm Best type of investment plans for an S-corp officer March 5, 2008, 5:04 am FROM THE MODERATORS: Long term health care plans December 22, 2007, 7:49 pm Obama Social Security Talk Spurs Tax Plans May 23, 2008, 11:05 am