I have a pension, life insurance policy, and my own trust that I want to protect in the event that I die. I have an almost five-year-old who would be the recipient of these. Currently, my ex is on the pension and life insurance policy as the beneficiary in the case of my passing and I want to take him off, however, I have no one over the age of 18 that I can designate as the new beneficiary. Is there a way I can create a trust or an account where my daughter is the designated beneficiary and won't have access to until she is 18? This would be in the event of my passing
Depending on how your trust is drafted, you should be able to name it the beneficiary for these accounts. It would be a good idea to have it reviewed to ensure that it meets the goals you want.
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You certainly could create a Trust with your daughter as the beneficiary and place the Trust as the beneficiary of the policies in question. Distribution to your daughter under the Trust could be set up to occur at a desired age pursuant to instructions to be carried out by either a Trustee or Appointed Guardian named within corresponding Trust documents. Please see an Estate lawyer for all options. Don't do this yourself.
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You mention that you have your own trust. Presumably it lists your daughter as the primary beneficiary. You should review the designated successor trustee. If you are pleased with your choice, then you should be able to make your trust the beneficiary of your insurance policy and pension plan interest. If you find any issues that should be corrected, I would encourage to consult with an experienced estate planning attorney.
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