When talking with Pro America Insurance to set up a life policy, there are some things you should know about paying out to a minor. Technically, this is legal. But it’s not advisable. In Naples, FL and pretty much everywhere else in the US, the minor will be the legal beneficiary, but they won’t be given the money until they come of age.

This means that the money will be held either by their guardian or in lieu of direction, a hired legal professional who will manage the money until they are of age, which can get very expensive. Both of these options might seem less than preferable, especially since the child’s legal guardian can do whatever they like with the money in the meantime.

The best option for paying out to a minor is to instead payout to a trusted adult with the instructions that they are to hold onto this money for the juvenile beneficiary. This needs to be an adult that you would trust with your life because there is no way of legally guaranteeing that they will uphold their end of the deal. You can have them sign a contract, but since the policy won’t pay out until you’ve passed, there might not be anyone around who is interested in enforcing the contract.

If you have the utmost faith in the child’s parents, then there’s nothing to worry about. But if you have any doubts, and you want to make sure that your grandson or niece or goddaughter has a little something to put towards college, name your trusted adult when you call Pro America Insurance.