Legal Question in Wills and Trusts in Massachusetts

Re: Want to make sure my kids get my life insurance

It's really smart that you recognize that your life insurance is a part of your overall estate plan. You'd be amazed at the number of people who die with the names of dead parents, former spouses, or other persons who they might have wished were taken off their policies decades ago!

If you are the owner of the life insurance policy, you can change the beneficiaries at any time by completing a form provided by your insurance company for that purpose. If your husband owns the policy, then you need him to make that change.

Please feel free to contact my office if I can be of assistance.

Re: Want to make sure my kids get my life insurance

You probably want to set up a Life Insurance Trust where the Trust is the beneficiary of your life insurance policy.

If you would like more information or to set up such a trust, you are welcome to call me and I will help you further.

Re: Want to make sure my kids get my life insurance

If you want to change the beneficiary on your life insurance you can do that. I assume you are the owner of the insurance or the insurance is through work. You contact your agent and ask for a change of beneficiary form.

You and your husband might want to have Wills and perhaps a complete estate plan done. If you would like to meet with me without obligation with your husband I would be happy to do so.

Re: Want to make sure my kids get my life insurance

I want to add that simply changing the beneficiary designation of your life insurance policy to your children is not enough. If your children are minors, the insurance company WILL NOT pay out to your children. They will have to be placed in trust for them with a trustee that the court will probably appoint.

With a life insurance trust that you set up while you're alive, you have the power to control who the trustee of that trust is and also when the children can access the money and what they can do with it.

Simply putting your children's name on the policy is a big mistake!