Minor child as beneficiary


G

Grok

What happens when a minor child is named as a beneficiary for financial
instruments such as IRA's or annuities. My understanding is that a
named beneficiary will bypass the will and receive the funds directly.
Is the custodian required to set up a guardianship trust for the minor
or is the minor given access to the funds immediately upon the death of
the owner? This is in NY State.
 
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