I'm attorney Amber Jade F. Johnson and here's some suggestions when you want to name your child as a beneficiary. If it's a minor child, then you need to take a few more steps before you just put that minor's child's name on a beneficiary form such as life insurance or an IRA. The reason you need to take some extra steps is because if a minor child inherits more than $25,000 in Florida, a guardianship has to be established for them, and that is expensive because you have to pay for guardian's fees, and a guardian's attorney's fees. And the bad thing about it is that at 18, the child gets whatever's left in the guardianship and that can be a large lump sum all at one time, which can be a disaster. So instead of that, you need to, in your will, set up a trust for your child. This is a sub trust, which is part of your last will and testament and in that sub trust name someone, a trustee, to manage that child's money until they get older.