Contingent Owner on Child Policies · The Financial Architects

Contingent Owner on Child Policies

When writing a child app with NLG you may want to consider adding a contingent owner. Here's why it's important.

If a parent writes a policy on a child then the parent dies, even if the child is now an adult, ownership doesn't automatically go to the child. The policy goes to probate. Once that child is 18, he or she should take ownership of the policy just in case. Co-owner is 50/50 control of the policy

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