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Life insurance policies offer great peace of mind, as they ensure your loved ones will have access to essential funds after you’re gone. In some cases, the proceeds from these policies are distributed via beneficiary designations, which are documents you fill out upon creating the policy. However, life insurance can also be placed in a trust, which is another essential estate planning tool.
Here at Walk-In Wills, we want clients in Chandler, AZ to be fully informed when it comes to their estate planning options. That’s why we discuss different tools in detail, which helps you make the best decision for your heirs.
When a person implements a life insurance policy, they own the policy and have total control over it. After placing the policy into a trust, the trust becomes the owner, and the policy is overseen by a trustee. When the original policy holder dies, the trustee then disperses the proceeds of the policy to heirs in the manner specified by the trust.
Unlike wills, trusts can be designed to disperse assets using certain parameters. You can specify that an heir receives life insurance proceeds when they reach a certain age. You can also disperse assets incrementally with a trust, as opposed to all at once.
When establishing a life insurance trust, you’ll have two different options:
Deciding which trust is right for your unique situation can be challenging. This underscores the importance of having an experienced law firm in your corner, as an estate planning attorney can offer professional guidance on how to proceed.
Walk-In Wills has provided estate planning assistance to clients since 2003. While we provide the same level of service as high-end firms, we make sure our services are affordable. We also strive to keep the estate planning process as relaxed and stress-free as possible.
