Are there any pitfalls to naming your spouse as primary beneficiary for your IRAs and 403b Accounts and then naming your minor children (three of them ages 5, 2, 1) as your secondary beneficiaries? Our wills have pot trusts set up for the children if my spouse and I were to die together, but do we need a living trust as well? Aside from our house, most of our assets are in retirement plans (approx. $250K).