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life assurance and trust
drmjafri
Posts: 26 Forumite
would be grateful to know
if i put my child name in trust (for policy of 500,000) as beneficiary instead of my wife name ( who also has 500,000 policy in her name with my child name as beneficiary) and suppose something happens to both of us when he is only 5 years old . who manages the money 1000000which he gets. do we have to put additional clause in the trust as who will be responsible till beneficiary is mature enough to take care of the money. OR is it by default manged by trustee.
what happens if trustee also dies before the beneficiary is mature
thanks
if i put my child name in trust (for policy of 500,000) as beneficiary instead of my wife name ( who also has 500,000 policy in her name with my child name as beneficiary) and suppose something happens to both of us when he is only 5 years old . who manages the money 1000000which he gets. do we have to put additional clause in the trust as who will be responsible till beneficiary is mature enough to take care of the money. OR is it by default manged by trustee.
what happens if trustee also dies before the beneficiary is mature
thanks
0
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