Is Naming Your Minor Child as Beneficiary a Good Idea?

Is naming your minor child as beneficiary a good idea? You can name your minor children as a beneficiaries, but if you die, the life insurance company will not be able to pay the children unless they are 18 or 21 years old, depending on your state’s laws. Generally, a guardian is appointed and the money will be withheld until the children are of legal age. A trust can also be established to help manage the proceeds for your children. You can name a trust as the beneficiary for your children. In the past, trusts were for those who were wealthy but now trusts are set up for average...