Question : If my parent decides to open a mutual fund and then he dies,then how is the funds passed over?
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?
- asked by weavey wonder
All Answers:
Answer #1
They need a clear cut leagal will of what is goingto who
- answered by R
Answer #2
He should ALWAYS have a current will. Normally, amutual fund account will be become part of theestate. A alternate is a joint tenancy ownershipfor the account.
- answered by src50
Answer #3
Most mutual funds allow a beneficiary to bedesignated for just the event you describe. Awill is almost always a good idea to settle allthe implications of the estate.
- answered by KG
Answer #4
Your Dad should get a Will 100% and then on theMutual fund list your family as a beneficiary -
- answered by Utopia
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