I'm a single mother of 32 and I recently took out life insurance so I know my son will be okay when I I'm no longer around.
My son is only 1 years old at the moment. If I pass away before he comes of age how can I be sure that he will receive the money?
I read a little about a trust but I honestly don't quite understand all the jargon. I want the money to only go to my son or to be divided between any other children I may have in future. I don't have a trustworthy family so I really can't be sure they will do right by my child(ren)
Do trusts keep the money till the children are old enough? Or are they deposited in to a bank account in their names? Is there a charge for using a trust or a % of the pay out reduced?
Is there any better way to ensure my son will be taken care of and to make sure he gets the money?
Submitted December 16, 2017 at 01:26PM by Mishelski http://ift.tt/2AHsi9x
