Life Insurance--Naming Your Trust as Beneficiary
The primary beneficiary of any life insurance policy should generally be your trust. The contingent beneficiary should be the spouse who is not the insured or another heir.
When made payable directly to a Revocable Living Trust, the beneficiary designation that your insurance agent uses should read as follows:
[Trust Name], dated [Trust Date]
If the informal name of your trust is not sufficient, your agent should use the formal trust name, which is:
[Trustee 1], sole Trustee or [his/her] successors in trust, under the [Trust Name], dated [Trust Date], and any amendments thereto.
Or
[Trustee 1] and [Trustee 2], Trustees or their successors in trust, under the [Trust Name], dated [Trust Date], and any amendments thereto.
Why not just name my spouse as the primary beneficiary?
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