If my parent decides to open a mutual fund and then he dies,then how is the funds passed over?
September 14, 2009 by admin
Filed under Questions and Answers
collegebound asked:
I am 16 and my dad wants to open a mutual fund for the family,but what happens if he dies or something. How and who is the funds carried to. Do we need a will?A lawyer will be too much money. Will hais children have access to the funds?
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I am 16 and my dad wants to open a mutual fund for the family,but what happens if he dies or something. How and who is the funds carried to. Do we need a will?A lawyer will be too much money. Will hais children have access to the funds?
Website content
R on Tue, 15th Sep 2009 5:17 am
They need a clear cut leagal will of what is going to who
src50 on Wed, 16th Sep 2009 5:35 am
He should ALWAYS have a current will. Normally, a mutual fund account will be become part of the estate. A alternate is a joint tenancy ownership for the account.
KG on Wed, 16th Sep 2009 7:26 pm
Most mutual funds allow a beneficiary to be designated for just the event you describe. A will is almost always a good idea to settle all the implications of the estate.
Utopia on Thu, 17th Sep 2009 6:33 pm
Your Dad should get a Will 100%
and then on the Mutual fund list your family as a beneficiary -