OWNERSHIP AND BENEFICIARY ARRANGEMENTS
- Beneficiary Designations and Children – Typically, spouses and children are nominated as beneficiaries for a life insurance benefit. In order for your nominated beneficiary to receive payment directly, they must be over the age of 18. If they are under this age, their share is paid to a nominated trustee or legal guardian until they reach 18.
- If there is no beneficiary – Your life insurance death benefit will go to a contingent beneficiary. If there is no contingent beneficiary, your death benefit will go to your estate. Once in your estate, your death benefit will be taxed and used to pay your debt.
- Beneficiary Designations and Divorce
- Beneficiary Designations – Three Party Life Insurance – The Goodman Trap
- Beneficiary Types
