Can I incorporate a life insurance benefit I recently received into a trust that consists of an estate?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I incorporate a life insurance benefit I recently received into a trust that consists of an estate?

My godfather passed away and left me his estate (an apartment) in his Will. I am 20 years old right now and cannot take ownership of the apartment until I am 30. It is currently in a trust. Recently, I received a life insurance benefit from his life insurance provider and wanted to know if there is any way for me to incorporate that life insurance benefit into the trust that consists of the apartment building. This benefit came unexpectedly and complicates several matters for me at this time, which is why I would rather not receive the benefit just yet.

Asked on November 14, 2011 under Estate Planning, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you were given several bequests from your godfather who passed away (home and life insurance proceeds) and you prefer that the proceeds from the life insurance policty be placed in the trust with the apartment that you received, then you can request the trustee that the monies received from the policy be an asset of the trust when received.

All you need to do is sign documentation to that effect and when you receive the check, have it paid over to the resulting trust for you. That way you do not have to worry about managing the money. You can simply let the trustee do it for you. You then receive from the trust what monies you need on a monthly basis.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption