Definitely pay the life insurance and 401k to your trust. Once the kids are mature adults (not just 18) then change the 401k to direct beneficiary to them. The problem is paying a retirement account to a trust can eliminate the option of a stretch. So once the kids are old enough to make the stretch election, should you die, then you would name the kids as the direct bene. For life insurance no reason to name the kids directly ever as there are no income tax consequences either way so just pay it to your trust.
As for maintaining the life insurance I'd probably get a 10 year term now or when that policy runs out. In case you die prematurely you want your kids to have more than enough money to get through college and get a head start on life I assume. Consider changing policies now rather than waiting for the term to end. You'd be amazed that prices sometimes go down as you get older depending on how the insurance company prices mortality, your health, etc.... It's free to check into it!
To clarify the trust should be YOUR trust. The way you phrased it wasn't clear if it is your own trust or not.
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The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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