Estate Planning Pitfall – You’ve designated a minor or legally incompetent person as beneficiary of your life insurance policy
$225.00
Description
Abstract: For many people, a life insurance policy is their most valuable asset. But all too often, they neglect to give the beneficiary designation the attention it deserves. One of the most common mistakes is designating a minor or legally incompetent person as beneficiary. Doing so actually defeats one of the fundamental purposes of estate planning: to have a say in how your wealth is distributed after you die. This short article explores the consequences of designating a minor or legally incompetent person as a life insurance beneficiary and suggests an alternative strategy.
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