Life Insurance Beneficiary
Can I name a minor as beneficiary on my life ins. policy? I called the ins. co. and they said yes, just list their name and %. Somehow this doesn't appear correct to me. Wouldn't the minor need someone to administer the money and if so, does that have to be the parent? Thank you.
Another thought: Proceeds of life insurance pass tax free to the beneficiary. If I had to name a Trust as beneficiary specifying the minor(s) as the recepient, would the money be taxed to them or would it still be tax free?
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The Villages (Polo Ridge; Piedmont), Toms River, Brick, Spring Lake Heights, NJ and Bronx, NY
Last edited by Bryant; 11-17-2011 at 02:47 PM.
Reason: Thought of another question on same topic
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