| When most people are buying life insurance they are | | | | person who will be the child’s representative for all |
| thinking about protecting their family and that includes | | | | of the financial matters. In many cases people will |
| children in most cases. The matter comes to light if | | | | name a lawyer as the representative but there is the |
| you happen to pass on before your children are of | | | | matter of it becoming very costly. If there is a |
| age. So the question of whether or not you can leave | | | | particular family member outside of the immediate that |
| a portion or the whole of your life insurance to your | | | | you trust then may want to consider naming them the |
| minor children becomes an issue. This is something that | | | | guardian in this case. |
| a good many people are not familiar with and can | | | | In most cases the person that is purchasing the policy |
| cause a certain amount of confusion when it comes | | | | will also set a monetary amount for the person |
| to this matter. | | | | representing the child. This is a way of making it more |
| There are several legal matters when it comes to | | | | appealing for the person that is having to do all of the |
| leaving life insurance money to the minor children. The | | | | work if the need arises for the policy to be collected |
| first matter for the question is who else will be involved | | | | on. This does not have to be a large amount but just a |
| in the transaction. Obviously a minor child that is too | | | | small portion of the life insurance policy as a gesture. |
| young will not be able to understand the matters that | | | | Then you must consider how you want the minor child |
| need to be resolved. Whenever there is a payout | | | | to receive the money from the life insurance policy. |
| from a life insurance policy there is some paperwork | | | | Most people are leery of allowing a minor to have |
| that needs to be filled out as well as documentation | | | | access to a large sum of money all at once. That is |
| that needs to be provided. In this case there is the | | | | where a trust comes into play. If you want to make |
| need for the minor child to be represented by an adult | | | | sure that the child is cared for over a long period of |
| party. | | | | time then you can set the life insurance policy so a |
| When you determine to leave the life insurance policy | | | | trust is formed with the payout and the child will have |
| to a minor child then you will need to set aside a | | | | access to only a set amount over a period of time. |