Best Probate Attorneys in Islip, NY

Parents, are you screwing up and screwing your kids when you buy life insurance? It is not a surprise that birth or adoption of a child is a strong motivator to get life insurance (as it should be since you want to make sure that your kids are ok, if the unthinkable happens). A lot of parents are naming their children as the beneficiaries, which is a huge NO-NO! The reason being that minor children cannot directly receive the proceeds of a life insurance policy. So New York State would appoint a guardian, which is a lengthy and costly process. What is worse- that guardian manages and will determine how that money is spent and it may not be how you intended. Instead you can create a revocable living trust (RLT) where you name a custodian of your choosing (think trusted relative or friend) and then list that RLT as the beneficiary of the life insurance policy. This will ensure your kid gets the money the way you intended and the government stays out of your business. Call to schedule an appointment today to learn about revocable living trusts and the other planning a parent needs to have.