Legal Question in Insurance Law in Oregon

Re: Beneficiary for life insurance policy

Generally, you best bet would be to establish a pour over trust in your will that would be funded by the proceeds of the insurance policy upon your death if you die before your children (or any one of them) has not yet reached the age of 18. Therefore, you should have a will prepared and name the trust as the beneficiary in your will.

Re: Beneficiary for life insurance policy

The safest route to protect the money for your son's use is to set up a trust in your will, and then name that trust as the beneficiary. Then, you can spell out exactly how you'd like to have the money spent, and you can name your mother as the trustee. You should think about naming one or more alternate trustees, in case your mother can't or won't serve. If you simply named your mother as the beneficiary, if she should predecease you, then the money would probably pass to her heirs. I advise that you have a lawyer who specializes in wills and estates draft your will and include in it a simple testamentary trust for your son. It is important to discuss your complete economic picture with the lawyer, though, to determine what might be best. Good luck.