Legal Question in Wills and Trusts in California

beneficiary of a life insurance is a trustee

If I have a living trust and designate a beneficiary of my life insurance to a trustee (which is myself when alive) with the intention of passing the benefit on to my successor trustee when I pass away, does the life insurance benefit pay out to the successor trustee without any problem?

Because of the family conflict, I'd like to assign a close friend of mine being the successor trustee in my living trust, is it legal? can the guardian of my minor child be a friend other than family or relatives?

What is a reasonable price (fee) range to make a will and living trust in southern california for a single mother without owning a house or large properties?

thanks very much,

Jones


Asked on 8/18/04, 4:29 pm

2 Answers from Attorneys
Scott Linden Scott H. Linden, Esq.

Re: beneficiary of a life insurance is a trustee

First, life insurance follows the policy, who is the named beneficiary?

Normally, you can amend the Trust in any way you desire while you are still alive...but it depends on the terms of the trust itself.

Our firm is located in Pasadena, CA and we usually charge about $1500 for a complete trust and will package, but we do offer a sliding scale.

Please feel free to learn more about us as well as the Probate process on our firm's web site located at www.No-Probate.com.

Additionally, please feel free to contact myself or Anthony Grossman, Esq. to discuss setting up a free consultation as well as the sliding scale at 626-578-0708.

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Answered on 8/19/04, 7:14 pm
Brian Levy, Esq. Law Office of Brian Don Levy

Reply: beneficiary of a life insurance is a trustee

In a general sense, I reccommend making the trust the benificiary, and not the individual. Prices vary substantially. I reccommend staying away from people who sell cheap "one size fits all" forms.

For a specific opinion regarding your individual circumstances, I suggest that you consult with an experienced family law lawyer. Experience is not expensive, it's priceless!

You will find some valuable estate planning information at my web site.

Good luck to you!

Brian Levy, Esq.

www.calattorney.com

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Answered on 8/18/04, 4:40 pm


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