Do your Life Insurance Beneficiaries Match your Estate Plan?
One of the most common mistakes I see people make is listing a minor(s) as a beneficiary. For the most part, should a minor inherit funds, they will be forced to have a court-appointed Conservator who will need a Conservatorship account for the funds. A child is considered to be a minor in most states until the age of eighteen. This will mean each time money is needed for the child, the Conservator may have to go to court to explain why.
There are better ways to handle your beneficiary designations. Due to benefits enrollment going on right now with many employers, we urge you to talk with us about your estate plan. Your beneficiaries should coordinate with your estate plan to make sure at your death, your assets pass to your heirs as you intend.