Minor children cannot receive insurance benefits until they reach the age of majority—which can be as old as 21 in some states. In the event a minor is listed as a beneficiary, the proceeds of your insurance will be distributed to a court-appointed custodian, who will manage the funds (often for a not insignificant fee) until the child reaches the age of majority. At that point, all benefits are distributed to the beneficiary outright and unprotected.
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Month: January 2023
Revocable Living Trust or Irrevocable Trust: Which One Is Right for You?
More and more, we are seeing people come our way asking for an irrevocable trust, and so this article is designed to help you learn the difference and then get into an “eyes wide open” conversation about the right kind of trust for you and your loved ones.
Why Every Adult Needs a Living Will
When it comes to estate planning and wills, you have a variety of options for legal documents. The most common of these options is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about a “living will” and wonder what that is, and whether you need a living will in addition to a regular last will and testament.
Both terms describe important legal documents used in estate planning, but their purpose and function differ significantly. In this article, we will review some of the most critical things you need to know about living wills and why having a living will is essential to every adult’s estate plan. And, it may be that a living will is even more important than a last will and testament.