Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How to set up an insurance trust for a child? I would advise that you see an attorney to set up a trust as insurance companies are not in the business of establishing trusts for policy holders. It is out of their legal bounds. They do however, honor a correctly established trust created for kids. I don't know enough about how good trust software is on this subject to suggest it, but a person may want to look into it.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Since attorneys set up trusts, you need to find a good one. Make sure he or she specializes in estate planning. Not every attorney is an expert in every field of law :)
You can always use an on-line service to get a document, but I like to run the do-it-yourself tools past a professional anyway. There is a lot at stake.
What you are doing is a great idea. A trust will allow you to control access to the life insurance benefit. Important note: the policy inside the trust must be audited regularly to make sure it remains in compliance with the terms of the trust. If the policy fails to meet expectations, the trustee could be liable.
And, of course, you will want to get prequalified for coverage so you can be sure the policy you buy is the right one.
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You can always use an on-line service to get a document, but I like to run the do-it-yourself tools past a professional anyway. There is a lot at stake.
What you are doing is a great idea. A trust will allow you to control access to the life insurance benefit. Important note: the policy inside the trust must be audited regularly to make sure it remains in compliance with the terms of the trust. If the policy fails to meet expectations, the trustee could be liable.
And, of course, you will want to get prequalified for coverage so you can be sure the policy you buy is the right one.