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Author: WauseonFox Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19222  
Subject: Re: Child beneficiary possible? Date: 6/10/2000 11:12 AM
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Elizajane:

How old is the grandchild? Further, is the investment account a 'qualified' account?

If the account is not a qualified account (IRA,401k, IRA Rollover, etc) and you currently have clear and undisputed title; you may name any legal entity as the beneficiary in your will. If you name a human person less than 18 years old, depending on the State; there may be other requirements (e.g. naming a custodian, putting the assets in trust, whatever). Your attorney will help you.

On the other hand, if the account is qualified (say an IRA Rollover); the account will not go through the probate process, but will transfer directly to your grandchild assuming the grandchild is at least 18 years old. But for this to happen you must be either: Unmarried, or your spouse must give his/her permission.

Hope this helps.

--WauseonFox--
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