Hi, I need a life insurance policy to cover the child support total I am to pay, I read that's pretty standard in divorce settlement agreements. It says our kid is to be the beneficiary and my ex is to be the trustee of the insurance proceeds. But when I called my life insurance company they said I can only make someone a beneficiary, not a trustee. They didn't go for the trustee concept which sounded odd because apparently it's a common thing. Can anyone tell me how to get that done?
I actually already have a good term life insurance policy that I've had for years and that easily covers the child support total, and my kid is the beneficiary now. But can I use that policy for this, e.g. by naming them both beneficiaries (my ex a beneficiary only for the child support total?), some way to make my ex the "trustee/custodian" on my existing policy, or do I have to get a new one just for this reason? I'm hoping I can use my existing policy because I need to do this as cost-effectively as possible given my post-divorce financial situation.
Am I just getting hung up on the terminology? My ex is already the "custodial parent," and if I die before my kid turns 18 won't that automatically make my ex the "trustee" of the money he receives because he is my beneficiary? Thanks
I actually already have a good term life insurance policy that I've had for years and that easily covers the child support total, and my kid is the beneficiary now. But can I use that policy for this, e.g. by naming them both beneficiaries (my ex a beneficiary only for the child support total?), some way to make my ex the "trustee/custodian" on my existing policy, or do I have to get a new one just for this reason? I'm hoping I can use my existing policy because I need to do this as cost-effectively as possible given my post-divorce financial situation.
Am I just getting hung up on the terminology? My ex is already the "custodial parent," and if I die before my kid turns 18 won't that automatically make my ex the "trustee" of the money he receives because he is my beneficiary? Thanks