If I were to die beforehand they turn 18 would the money go into an statement until their of age? Would it go to the entity caring for them? Does anybody know?
Answers: The money would run into a trust, whoever would gain legal custody of your minor children would hold acccess to the money to provide for your children, it might be a good belief to get something official as to who you would want to be legal guardian of your children. You can even stipulate that they cannot own the money until they are a certain age!
It depends if you name a trust or trustee as beneficiary, or the children directly. The insurer can't hand money over directly to minors. Most beneficiary designations enjoy instructions for this purpose.
You need to do a will and appoint a guardian for your kids, surrounded by case you die until that time they are adults. Additionally, you do not have to pet name the guardian as trustee over your estate. You can appoint a different person, if you will. Perhaps you should talk beside a lawyer to set everything up correctly! Well, if you don't set it up otherwise, their guardian would get hold of full access to the funds.
I have MINE set up to fund a TRUST, and I've name the trustee - NOT the guardians.
I do NOT want my children having access to big amounts of money at 18. It will all be spent by the time they turn 19, on stupid things.
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Answers: The money would run into a trust, whoever would gain legal custody of your minor children would hold acccess to the money to provide for your children, it might be a good belief to get something official as to who you would want to be legal guardian of your children. You can even stipulate that they cannot own the money until they are a certain age!
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It depends if you name a trust or trustee as beneficiary, or the children directly. The insurer can't hand money over directly to minors. Most beneficiary designations enjoy instructions for this purpose.
You need to do a will and appoint a guardian for your kids, surrounded by case you die until that time they are adults. Additionally, you do not have to pet name the guardian as trustee over your estate. You can appoint a different person, if you will. Perhaps you should talk beside a lawyer to set everything up correctly! Well, if you don't set it up otherwise, their guardian would get hold of full access to the funds.
I have MINE set up to fund a TRUST, and I've name the trustee - NOT the guardians.
I do NOT want my children having access to big amounts of money at 18. It will all be spent by the time they turn 19, on stupid things.
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