As tax season ramps up, business columnist Ronald Lipman answers questions.
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Q: I want to name my 5-year-old grandson as the beneficiary of my life insurance policy. I've read that naming a minor as the beneficiary creates problems and the court would have to get involved to create a guardianship. Is there a way I can name my grandson as the beneficiary without the court getting involved? I already have a Uniform Transfers to Minors Account for him, with me as custodian.
Contact the institution where you already have a UTMA account to arrange for that same person to be your backup custodian.
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