Who should I name as the beneficiary of my life insurance?

            Besides naming a specific individual as the beneficiary of your life insurance trust, you can name a trust as beneficiary.  This can be helpful in ensuring the money in this policy goes to whoever you designate instead of future creditors and can also bring tax benefits.  The three most common types of trusts to leave a life insurance policy to are a living trust, an irrevocable life insurance trust, and a special needs trust.  It is also common to include a spendthrift clause in these trusts which can help beneficiaries to manage the money from the life insurance policy by giving one individual the authority to distribute the funds according to the terms of the trust and their own best judgement.

To get recommendations on which type of trust you should leave your life insurance policy to, contact our office today at (941) 906-1231.