
When Naming a Minor as Beneficiary of Your IRA, Use a Trust
About a dozen years ago a woman unexpectedly passed away. She was unmarried and had no children. She had named her nephew, John, as the beneficiary of her IRA. John was five years old at the time of his aunt’s death when the IRA held approximately $1.2 million. Now he’s about to turn 18 and will have access to $3 million.