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LegalGround >> Life insurance beneficiary to minor child?


10/20/08 2:00 PM
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banjo
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My employer just sent an email that we have the next three weeks of open enrollment if we want to change any of our benefits, or add supplemental life insurance.

I'm thinking of adding more life insurance and making my son the beneficiary. But, he is only three years old.

Is that legal? Or should I make a relative the beneficiary, with understanding the money is for my son? Any advice or experience appreciated...
10/20/08 3:26 PM
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seg
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 Leave it to a trust with your son as beneficiary.  I would NEVER name a relative with the understanding that it will be held for the benefit of your son.  If you have a relative you trust, you could name them as trustee of a trust for the benefit of your son, but don't name the relative directly.
10/20/08 5:02 PM
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banjo
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thanks, seg. That's what I was thinking.
10/20/08 5:03 PM
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banjo
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or at least something along those lines...
1/26/09 12:59 PM
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Worth
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A trust can cost money. If you leave it to your son, when you die, the court will appoint a trustee to take care of it. Have you been to a lawyer or a good insurance agent and what did they say?
1/27/09 11:46 PM
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StephenL
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so can your estate hitting probate court.

just pay a lawyer to create a trust and will for your estate.

you don't want to leave your son a mess if you die.

stephen

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