If you have Life Insurance or are considering it, you might have a few questions as to who can be named as a beneficiary! Every Life Insurance policy requires you to name a beneficiary—and this beneficiary should be a legal adult (Depends on the state, but generally 18). Due to this it’s not a good idea to name a child under the age of 18 as a beneficiary!
If a child is somehow listed, the money from the policy will be turned over to a court and handed to the court-appointed guardian who will be taking care of the child until they reach the age of 18! You can avoid this scenario by naming an Adult Custodian, or by setting up a trust with an attorney!
If you have a charity or a charitable foundation that you love you can name it as a beneficiary—or even owner of the policy if you wanted to work with the organization as to how they could apply the money! If you don’t have a current Will notarized It’s best to name a specific beneficiary rather than your estate, as to avoid a probate situation!
There are many different scenarios to consider! But if you find yourself in doubt—or are unsure on how to leave your policy to a certain beneficiary, it is worth it to ask your agent for help!