Life Insurance Trust
Would you put the person you trust on a life insurance policy as a contingency…?
to recieve 1 million dollars to take care of your children ? and trust them to use it the correct way incase you and your husband passed away ?
If you wanted a certain amount to go to college and cars or homes how would you go about it to make sure your wishes are taken through. or just say here 1 million do what you need to do to take care of children ? Do I need a lawyer will to carry this out. What would you do ?
You will want to set up a revocable trust to be funded by the life insurance proceeds. You can put provisions in the trust detailing how you want the money disbursed, such as a certain amount designated only for college. You can appoint your spouse as the primary trustee and “someone you trust” as a successor trustee.
The trust becomes irrevocable at death. The assets are distributed according to the trust directives and therefore are not included in probate.
Contact a certified financial planner for help and more details.
Irrevocable Life Insurance Trust protects your assets from nursing homes
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