Can A Minor Be A Life Insurance Beneficiary?
.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.A minor can be a life insurance beneficiary, but it is generally in the child's best interest to make the beneficiary of your life insurance policy be a trust, or trusted relative or friend who will use the money for the welfare of the child. That is because minors cannot legally handle the proceeds and the court could appoint a guardian to do so for them.Answered on May 5, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaYes and they often are with young families. Many attorneys recommend declaring a financial steward or custodial trustee for the financial disbursements to minors. Sometimes a trust is the beneficiary on behalf of minor children. Interestingly, there is always a contingent beneficiary option in a life insurance application.Answered on May 27, 2013+01+1 this answer
0flag this answerview more answers by David Racich
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
