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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37884
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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My husbands divorce requires him to provide $150,000 of life

Resolved Question:

My husbands divorce requires him to provide $150,000 of life insurance for his 2 minor sons as beneficiaries. What can we do to prevent his ex-wife from squandering this in the event of his death since she would be their legal guardian?
I noticed that we can choose a trust as beneficiary on our life insurance. I was thinking that we might be able to establish a revocable living trust for the boys that would specify how the life insurance money could be spent. Then, we would make the trust the beneficiary. Is this how it is done? I can't find anyone who knows anything about trusts.
Submitted: 1 year ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

That is a very good question. You can indeed set up a trust on their behalf, and set forth a trustee that is trusted by your husband to spend the funds or release the funds as necessary. What you are thinking of doing is quite reasonable--the trust would indeed be the beneficiary. You would need to create the trust up-front and at least partially fund it (say, by putting in $1.00), and you would need to ensure that the trustee is someone who is not going to squander the assets.

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37884
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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