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?
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.
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.