My daughter lives contained by Georgia in a minute but 2 years ago I offered to income for a energy insurance policy for her?
and everything is ok with the policy and it is compensated up til March 2007. She left my 8 year infirm grandson beneficiary which, I thought, since she was close to my sister she would choose her. I respect her decision and didn't choose the policy to influence the beneficiary factor but do the laws allow for an 8 year matured beneficiary and is he protected under that policy til he's 21 if she be to die before he turns of legally recognized age? The comapny is Garden State out of League City Texas.
Answers:
OK, who is the policy OWNER? Yes, the canon will allow for an 8 year old beneficiary. Most of the time, the child's endorsed guardian would THEN have access to the funds, to spend as they choose, hopefully to nurture, clothe, and educate the child, but hey, they can do doesn`t matter what they want with it.
The policy OWNER can evolution the beneficiary, if they want to set up a trust so the funds aren't abused.
The owner of the policy have the sole right to name the beneficiary. You can own a policy insuring your daughter, and autograph the beneficiary, provided the beneficiary has an insurable interest.
As far as naming a minor as beneficiary, this is without a flaw legal; however, the company will resembling require a trustee to take control of the passing benefit. As the policy owner, you can also name a trustee.
If you want to get her a different policy for her sister to be a beneficiary, nought is stopping you from doing that. But if you are giving this to her than, yes it is her decision. If the son is the beneficiary, and his mother dies beforehand he is considered an adult contained by the state. The GOVERNMENT will control the money until he is of age. Talk to an attorney and get a trust to assign as beneficiary that will not tolerate the son get a big check previously he is ready.