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Trustee on my Pension Question
Wezoin
Registered User regular
Registered User regular
I just found out I'm eligible for a pension through work - going to start it. It's asking for beneficiary information. I was going to put my parents as my main beneficiaries, with my brothers as my contingent beneficiaries for if my parents die before me. One of them is under 18 so it wants a Trustee, I was just planning to get one of my parents to sign as a trustee for him but would this be allowed as if he were to receive any of it my parents would be dead? Does a trustee have to be alive for it to be valid?
Wezoin on
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They would probably allow it(although it doesn't make any sense) it's just that the state will decide who the actual trustee is, since the trustees will be dead.
Don' t you have an extended family member or mature friend you can put on there?
Especially if let's say horrible situation of you and your parents are in a fatal car crash. For your brother to act as the trustee as a minor, court documents would need to be obtained to show who the legal guardian for him to act as the trustee would be. Very huge hassle. If you really want a 3rd trustee, ask your parents who their estate planning lists as the guardian for your brother should all of you pass away and name that person, then once he is 18, change that to your brother.
My experience is mostly in real estate and title legal questions, but this information is typically pretty boiler plate for other types of things as well.