73-year-old man with $1.3 million in assets asks how to provide for a successor beneficiary for his son — MarketWatch
A 73-year-old man with $1.3 million in assets wrote to the MarketWatch column with a question about estate planning. He wants to provide for an alternative recipient of his property if his son dies before him.
Transferring assets to his son
The letter writer said he is 73 years old. His house, car and bank accounts are arranged to pass to his son after his death. His son is also the sole beneficiary of the 403(b) accounts, the reader said.
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Concerns about the estate plan
According to the letter writer, his son has a serious genetic disease that could potentially be fatal. The son has no wife or children.
The man asked whether it is possible to designate an alternative or contingent beneficiary in the event that his son dies before him. He also wants to avoid confusion or complications in his estate distribution plan.
