Legal Question in Wills and Trusts in Texas
Life Insurance Beneficiary
Hi,
My wife and I just had our first child and I'm trying to get our financial ''stuff'' in order. High on this list are life insurance proceeds, which while not huge, will be very important if I kick the bucket.
Basically, I want my wife to get everything except some amount put in trust for my child(ren)'s education - unless my wife & I were to die at the same time, in which case I want everything to go to our child(ren) through some sort of trust.
If our child dies at the same time as us, I want the proceeds to go to my estate to be distributed as specified by my will (this will be an uneven split between my parents and my wife's parents, with smaller amounts going to my siblings).
The total amount of life insurance is about $500-800k (higher figure for accidental death) with another $300k in retirement savings.
Right now, I'm basically just trying to figure out what to put on the ''beneficiary:'' line on my insurance enrollment form.
1 Answer from Attorneys
Re: Life Insurance Beneficiary
If you would want some life insurance proceeds to go to your children in trust, then you would need to create that trust, either in your will or as a separate document, now.
You will need to consult with an attorney to get such a simple (or complex) trust set up.
You may need a typewritten customized beneficiary designation, which your attorney can prepare, since what you are wanting for the primary beneficiary is not likely to fit in the little box they give you.
It sounds like you want your alternate beneficiary to be your estate, and so you can simply write "my estate" in the alternate beneficiary box.
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