Legal Question in Wills and Trusts in Massachusetts

Re: Trusts

Yes. Retain an attorney to draft the most appropriate life insurance trust for your particular situation. Good Luck!

Re: Trusts

Yes. You set up a revocable trust and name the trust as the beneficiary of the insurance policy. If you want the insurance out of your estate you create and irrevocable insurance trust.

I would suggest you contact an attorney like myself to help you do this. Depending upon your finances age and health, you need to be careful how you do this.

Re: Trusts

I would suggest you that you contact an estate planning attorney like myself to talk about the specifics of what you need.

There are several ways to do this. You could set up a revocable trust to simply hold the life insurance proceeds after your death for the benefit of your granddaughter. If you do it this way, there would be no estate tax benefit.

You could also set up an Irrevocable Life Insurance Trust, the point of which is to pull the life insurance out of your estate and thereby save you on estate taxes (if you should incur any).

If your granddaughter has any special needs, you might need to set up a Special Needs Trust instead.

The point is, without knowing the specifics of your situation, we can't recommend one type of trust over another.

Re: Trusts

Absolutely. But you can't go it alone. A trust needs to be written by an elder law attorney after a thorough intake where the attorney reviews your financial picture, your health care arrangements, family dynamics, and any special needs of your grand-daughter. After establishing a well thought-out trust, you would then contact your insurance company to have the trust listed as the beneficiary of the policy.

Good luck.