Legal Question in Wills and Trusts in Ohio

beneficiary to life insurance policy

I have a life insurance policy that lists an individual as the beneficiary. How would I be able to legally instruct that person to take care of my wishes? For example, I would like to see part of the death benefit go toward the college education of my niece and nephew. Would it be safe to set up a contract between myself and the beneficiary to make sure that certain wishes were accomplished? Is there even a possibility of setting up that kind of contract? I do not really want to set up a trust, but would it be best in this situation?


Asked on 8/06/08, 12:49 am

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: beneficiary to life insurance policy

Generally, life insurance proceeds payable to a named beneficiary belong to that beneficiary exclusively. If you want control over where those proceeds go, you need to ake them payable to the trustee of a testamentary trust or irrevocable trust for the benefit of your children. Any kind of simple contract would be without consideration, and hard to enforce after your death.

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Answered on 8/08/08, 2:49 pm


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