Legal Question in Wills and Trusts in New York
Naming My Living Trust as the Beneficiary of my Life Insurance
I don't have anyone in my family who is responsible enough to handle my affairs once I die. I would like to name my living trust as the beneficiary of my life insurance policy. Is that possible? Also what is the difference between an Irrevocable Life Insurance Trust and naming my living trust as a beneficiary. My estate is under 2 million dollars, but I do have certain items that I want to place in my living trust.
1 Answer from Attorneys
Re: Naming My Living Trust as the Beneficiary of my Life Insurance
Yes. It is possible to name your trust as beneficiary of your life insurance policy. An Irrevocable Life Insurance Trust is used to shift the value of the life insurance out of your estate so that the proceeds are not included in your estate for tax purposes. Naming your living trust simply means that the trust will collect the proceeds and then distributions will be made by the trustee in the manner set forth in the trust instrument. Please feel free to give me a call if you wish to discuss this further.
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