Life insurance beneficiary?
Posted on Jun 01, 2008 under Insurance Information |Can a minor be named as the beneficary on their parents life insurance policy?
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Insurance Information
Can a minor be named as the beneficary on their parents life insurance policy?
June 1st, 2008 at 4:08 am
They can be named, but in all likelihood, whoever is the guardian of the minor child will have control over the funds unless you have the funds put into a trust.
June 1st, 2008 at 4:08 am
Yes you may name a minor. If you die before they become of age they will not be able to touch the money. They only way they can is if they go to court and someone legally becomes their guardian and then that person can act on their behalf.
June 1st, 2008 at 4:08 am
Yes, a minor can be named as beneficary. But, the legal guardian will have all the say so of the funds, unless the funds is placed in a trust with an executor.
June 1st, 2008 at 4:08 am
Yes, why not? You can choose anyone you want. You are paying for it!
June 1st, 2008 at 4:08 am
Yes, but save your beneficiary the trouble and word your beneficiary statement like this:
Joe Shmoe Custodian for Your Child.
Alternatively, you can name a custodian (trustee) in your will. Remember, a Guardian has the legal rights to make decisions regarding the upbringing and welfare of your child, but it is the trustee that you name that has the responsibility for the management of the child's assets. It is wise to name two different people to these posts. Either one is a big responsibility and to ask one person to do both can be overwhelming.
November 18th, 2010 at 7:26 am
can we have to pay anything at all of this?
January 15th, 2012 at 9:58 am
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