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: I was adopted when I was 2 years old and I just found out my biological father died without a will. Am I entitled to any portion of his estate now?
- Q: I have been living with my girlfriend for 24 years, but we’ve never gotten officially married. Will my assets automatically pass to her upon my death?
- Q: How is having a living trust like using GPS on your phone to drive somewhere you’ve never been to?
- Q: Should I create a special needs trust for my child who is receiving government benefits?
- Q: Do I still need an Estate Planning Attorney if I only have one child and everyone knows everything gets left to them?