Does the UTMA Account have to presently exist to be named a contingent beneficiary
Hi Folks,
Not sure I’m asking this correctly but here goes?
Can the spouse be named as the primary beneficiary with the two minor children as contingent beneficiaries (50% each) via UTMA accounts that would be funded in the event of the simultaneous death of both parents, or do those UTMAs need to exist today?
Permalink Submitted by Bruce Steiner on Sun, 2018-11-18 02:53
No. You may designate an adult person as custodian for a minor under the Uniform Transfers to Minors Act as beneficiary of an IRA.