If the account administrator will not confirm that either the grandchild or one of the parents is the contingent owner, then “asked and answered”.
But I would not assume that grandma never designated a contingent owner- and it would not have been unusual for that person to be the parent even if the rest of the estate went to the surviving spouse.
OK- not revert. But some plans are set up so that if the account owner dies without a designee the account then transfers to the minor child when the child is of age.
Google it. Apparently it comes up all the time.
A substantial number of people set up various accounts (I know my company has this with retirement accounts, it’s an issue with company paid for life insurance) and either don’t do the proper designation, OR forget to change the designation as life’s circumstances change.
Can you imagine the dialogue when spouse #2 discovers that the proceeds of the life insurance policy are going to spouse #1- who has not been on speaking terms with the deceased for 20 years? A good divorce lawyer will remind (and nag) to change the beneficiary on policies which regularly bill and communicate with the policy owner. But who thinks about the company paid for policy, until someone dies and the policy pays out???
Check the paperwork and don’t assume…