1. Peggy MacePRO
    COO and Senior Agent, Outlook Life, All 50 States
    When life insurance proceeds are paid to a minor, it is usually required to have a financial guardian to oversee the distribution of funds to the child until they reach age 18 or age 21, depending on the state of residence. This can be done ahead of time through a trust.
    Answered on October 11, 2013
  2. David PipesPRO
    owner/agent, Rooney Pipes Insurance Agency for the Horace Mann Insurance Companies, California
    The desire to take care of children often leads to improper planning. Children require supervision and the money should be left a trustee for the benefit of the children. Often the trustee will supervise the money until the child is 25 or older to make sure that it isn’t rapidly consumed in immature activities.
    Answered on November 14, 2014
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