Legal Question in Wills and Trusts in Virginia

Testamentary trust for minor

My husband and I have a will leaving all estate assets to our 7 year old daughter in the event that we both die. We have designated guardians, and a trustee to manage the benefits from the estate (we do not have a living trust). We would like to know how to get life insurance benefits into the trust without going through probate. I know not to put a minor as contingent beneficiary, but I have also read that listing a testamentary trust as beneficiary may cause problems with the insurance company. How can we get this money directed into the trust without being subject to probate?


Asked on 5/01/06, 12:21 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Testamentary trust for minor

In the part of the life insurance policy application having to do with the designation of beneficiaries, you should check the box designating the trust(ee) named in your Last Will and Testament as the beneficiary of your life insurance proceeds which should also contain language to the effect that if, for whatever reason, no such trustee is appointed under the will, then your estate becomes the beneficiary and the payee whoever its legal representative may be.

This arrangement for designating a beneficiary

for life insurance proceeds which a testator(will maker) wants to go into a testamentary trust is pretty much standard for the industry.

Read more
Answered on 5/01/06, 9:58 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Virginia