In Colorado, the age of majority is 18 years old for estate planning purposes. It is at this age that children may become a legal beneficiary of property. What happens if you pass away while your children are minors? Individuals frequently name their children as secondary or contingent beneficiaries on their life insurance policies, retirement accounts, and investment or savings accounts. Who will manage these funds for the child, and where will they be held until the child attains the age of majority?