Tips Regarding Life Insurance Policy Beneficiaries
A life insurance policy can help your family to financially navigate the difficult time they will experience when you pass away. From covering burial costs to helping the family get by until the rest of the estate becomes available, life insurance can play a vital role in your estate planning. Here are a few tips regarding life insurance policies.
- Keep your beneficiary up to date – Your life insurance policy will pass directly to the named beneficiary without going through probate, so be sure to keep your named beneficiary up to date because this cannot be contested after you die.
- There may be situations where it makes sense to make your trust the beneficiary – This is especially true if you have children under the age of 18. Sending the money directly to the trust will ensure that the funds are accessible and handled properly by your successor trustee.
- Consider whether you and your trustee are at risk of dying at the same time – Since marriage mates usually travel together, this is the most common situation. Again, you may choose to make a trust the beneficiary, or you will want to appoint a secondary beneficiary to the life insurance policy.
Estate Planning Experts in Southern California
If you are planning for the future of your estate in the San Diego area, contact Petrov Law Firm today at 619.344.0360. Our experienced estate planning attorneys can help you to choose the best way to structure your estate so that it meets the needs of your family.