If you have life insurance, you might be wondering what types of rights you children have to claim it. The answer is complicated, and depends on multiple factors. As with many aspects of the law, planning ahead can help to ensure that your life insurance policy is directed the way you want it to go. You can also read through the internet for some information you could get like waht is read from http://www.benefitslaw.com/oakland-erisa-attorney/, or better yet consult the experts to help you out.

Image result for beneficiary on all of your life insurance policiesA life insurance policy has a beneficiary, which is another word for the person you have designated to receive the money. You can determine that you want to have the money split between more than one beneficiary if you desire. However, if you fail to take care of this, the beneficiary will be determined for you by the courts after you have passed away.

Your spouse is usually the person designated to receive the funds upon your passing. However, you might believe their income is sufficient and have more concerns for the welfare of your children. In that case, you should clearly outline how you want the funds handled in their stead.

For example, if your kids are underage, you might want to have the money put into some type of trust that the kids collect when they reach a particular age. You can also set guidelines in addition to age or instead of it. For instance, some parents have scholastic requirements to ensure their kids go to college.

When you go through a divorce, it is absolutely essential that you check the beneficiary on all of your life insurance policies. This is particularly the case if you don’t want your former spouse to receive the funds. If the ex is still listed as the beneficiary, your children, even if adults, will have a difficult time getting the cash.

On the other hand, perhaps you don’t want your children to have your life insurance benefits. Whether it is due to a falling out or simply because you want them to stand on their own two feet, you will need to clarify in your will what they are to get. You will want to make sure that you have updated your will and medical health regularly to ensure that you are of sound mind and body so that they cannot successfully contest your wishes.

This introduction to the rights of your children is by no means comprehensive. You should make an appointment with a lawyer for your estate planning needs and peace of mind.

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