You can name a minor as a beneficiary of a life insurance policy, retirement account, or other financial asset.  However, there are some important things to consider and plan for when doing so. Firstly, it is important to understand that minors cannot legally own property or receive a payment of assets until they reach the age of majority in their state.  This means that if you name a minor as a beneficiary, you will need to plan for how the assets will be managed and distributed until the child reaches adulthood.