to cover the mortgage, education, and other expenses so that their family can continue after they die.can cause significant complications because life insurance policies can't be disbursed to minors. Instead, it is better to establish a trust for your child and name the trust as the beneficiary of your life insurance.
Having a trust avoids this problem because the trust dictates how the trustee will administer assets for your child's benefit, including whether money should be given to the guardian., "A trust is a more detailed arrangement and provides increased control over how assets can be used. For example, a trust can be established to receive and manage the life insurance proceeds on behalf of minor children or adult family members with special needs.
Give a copy of the trust to your financial planner and accountant. If you are opening a bank account for the trust, your bank will require a copy of the trust.The benefit of a trust is that you can be as detailed as you want. Barbara Pietrangelo, a certified financial planner for, told Business Insider that you should "consider HEMS — health, education, maintenance, and support" — when setting up a trust for a child.
Pietrangelo noted that you want to pick someone good with accounting and finances because there is a lot of paperwork involved with being a trustee. Some people select their bank, law firm, or accountant as trustees, but note that a financial advisor can't be a trustee.
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