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I have a significant amount of life insurance that I wish to leave to my son and daughter, both of which are minors. I have a separate policy in force for my spouse.
My question is, can I set up a Living Trust, designate a Trustee at my local Bank & Trust, assign the trust as the beneficiary of my life insurance policy and specify in the trust how and when the funds are to be distributed to my children.
Please advise at your earliest and thank you for your time.
GySgt Marcus Sugg