Trust for a minor

I want to set up a trust upon my death for college funds for familiy members. If at age 24 any monies are left over they will be disbursed to my siblings. Who do I make the beneficiary or 401 K's IRA's and Insurance policies? I know I may not leave these in the names of the children.

You can have the attorney that prepares your will set up a trust under the will for the college funding you want. You might also inquire about having some of these funds contirbuted to a Code Section 529 College Savings Plan for each and name the siblings the account owners. This way if the funds are used for college your siblings can withdraw. However, this approach won't give you the control a trust will. You can name the trusts for these family members under your will as the beneficiary of pension, IRA and insurance assets. However, get some income tax advice. You may be better off handling the IRA differently. If the children are minors custodial accounts might automatically be used or could be provided for in a manner that is cheaper to administer than a trust, but custodial accounts don't have the control that a trust does. If you're worried what the insurance company might do if a minor child is a beneficiary ask the agent, its probably a common event and procedures exist. The trust, however, is a better approach. See an estate planner in your area.