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My wife and I were talking life insurance policies, should…

John, My wife and I were...
John,
My wife and I were talking life insurance policies, should something happen, can we have the money put into a trust with a controlled yearly withdrawal so it will last longer?
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Answered in 11 minutes by:
11/16/2017
John
John, Attorney
Category: Legal
Satisfied Customers: 5,987
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Yes you can go about this two ways. One would be to just open the policy in the name or the trust or see if the insurer will transfer title to a trust now (i.e., the trust becoms the trustee of the account now), then you designate when where and how beneficiaries are paid. The other way would be to list a trust as the beneficiary, then the trust has its terms top follow in paying the funds to the beneficiaries (i.e., the trust becomes only the trustee the benefits of the account). The possibilities to that are really endless so I may suggest you talk to an estate lpanning attorney to best se that up in your state.

I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation - simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers (even though the website already charged you, it does not credit me with the answer unless and until you indicate you are satisfied with the answer). If you are on a mobile device, you may need to scroll to the right. Thank you, ***** ***** wish you all the best with this matter.

John
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Customer reply replied 7 months ago
Thank you John, Great advice, excellent service.
Lyle
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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