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?If my parent decides to open a mutual fund and then he dies,then how is the funds passed over?
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.If my parent decides to open a mutual fund and then he dies,then how is the funds passed over?
They need a clear cut leagal will of what is going to who
Your Dad should get a Will 100%
and then on the Mutual fund list your family as a beneficiary -
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.