How to Know When to Make Your Life Insurance Beneficiary Your Trust
While it is not a common practice, there are times when it makes sense to have the beneficiary of your life insurance policy be a trust rather than an individual. Is this the best option for you? Here are a few ways to tell:
- You are concerned that your beneficiary and you may die simultaneously. You want to leave your life insurance to your mate, but what if you are traveling together and die in an accident? Who recovers the policy then?
- You already have a trust set up to avoid probate. Your life insurance policy goes directly to your beneficiary, not into probate. However, if you are already setting up a trust to protect your other assets, then you may want to include your life insurance policy.
- Your beneficiaries are under 18. Minor children won’t be able to collect on your policy until they come of age anyway. A trust can protect the funds and allow for special case dispensations (providing guardians with funds for educational supplies, healthcare, and things of that nature).
San Diego’s Estate Planning Experts
Rather than trying to figure out the best way to arrange your affairs on your own, why not give the professional estate planning attorneys at Petrov Law Firm the opportunity to help you understand your options. This will allow you to take better care of your family’s future. Call 619.344.0360 today to get the assistance you need when it comes to estate planning.
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