I recently listed my sister as the beneficiary on a CD. I'd rather list her daughters, but they're minors. The bank employee was unsure if minors could be listed as sole beneficiaries. Is this possible? If not, could I add a stipulation, such as "My sister must use the money for her kids' education", or is that crossing over into Will territory?
Ask the bank if you can list the beneficiary on a CD as your sister as custodian for [niece's name], UTMA [name of state]. That would require that the funds be used by or for the benefit of your niece. You'd have to split the account up so there would be one for each niece. Because beneficiary designations are revocable, if the CDs are still open when the girls reach majority, you can change the designations to list the girls directly as beneficiaries.
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Ask the bank if you can list the beneficiary on a CD as your sister as custodian for [niece's name], 