Transcript:
00:00:00 – 00:01:06
It’s a wonderful thing to have babies and have children, of course. And the first thing that parents typically will do is, okay, now I have my my child alive. I’m going to go on my portal when it comes to doing your benefits at work. And it’s very common to put life insurance, have maybe a s a spouse as the primary beneficiary, and then now your new baby as the contingent beneficiary. I always caution against that. it’s very important to do something different. What I mean by that is we don’t want a
00:00:33 – 00:01:38
minor child to receive benefits from a life insurance policy because often the insurance companies will say we’re not going to pass that down to a a minor child certainly, but we’re also not just going to hand it over to a parent of the child because who knows if the child will ever receive those benefits. So, the court will typically require us to open a minor’s estate so that it’s a restricted account and that money won’t be available until the child turns 18, but sometimes even 21.
This video was automatically generated.
