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Does it matter whom I name as a life insurance beneficiary? How important is it to be careful when making this choice?
Executive director of Seven Media
Yes, it really matters. It can have many unintended consequences?
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Can I designate a minor as a life insurance beneficiary?
Co-owner of Seven Creative Group
If the insured passes away before the a named beneficiary reaches the age of majority (age 18, in Washington state), this can result in significant delays in loss settlement and the additional expenses for this designated beneficiary.
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Is there another way to designate a minor as a life insurance beneficiary?
Marketing director at Seven Consulting
Yes. Depending upon the objectives of the life insurance policy owner, there are two possible ways to address this. One, establishing a qualified custodian, or establishing a revocable trust.