A: No. Here’s why: If something happens to you, your life insurance proceeds won’t pay out until they are 18 years old. This is not why you got life insurance and not what you want! The solution? Name your living trust as the beneficiary on your life policy instead! A living trust gives you control from the grave: you dictate how much money your kids receive and when they receive it.
Q: Should I list my minor kids as the beneficiaries on my life insurance policy?
- Q: Does a revocable transfer on death deed (“TOD Deed”) only need to be notarized to be valid in California?
- My spouse and I have been married for many years, and I am out of gift ideas for Valentine’s Day. Any suggestions?
- Q: Can a will literally written on a napkin actually be valid?
- Q: How does a pet trust work and is it a good idea for those with only “fur babies”?
- Q: Why Should I Work with a Competent Estate Planning Attorney Instead of Using DIY Options Like LegalZoom?