Sometimes, they are absolute boneheads. My sister's retirement plan with the universoty is through them. Now that she died, they want me to go though a very expensive process of setting up a conservatorship to manage the funds for my minor children, whom she named as beneficiary. They told me that's "their policy" for accounts over $10,000.
My response was to draft a legal response, stating:
I am the legal guardian of my children, and thereby have legal right to oversee the funds, and my sister's wish of how they are to be used.
I am a registered investment advisor, so I am well aware of the fiduciary responsibility of this account.
I am willing to redirect proceeds to an UTMA/UGMA account, whereby the gifts from her IRA account are irrevocable, and the kids get full access at 21, per Wisconsin laws.
So far, they don't understand, but we're moving up the food chain..............
Too bad her accounts weren't with Vanguard or Fidelity, I'd have things settled already...........