Question
What is the name of your state? Texas
A life insurance policy has a beneficiary designation of Jane Doe, Trustee of the trust created under Will for the benefit of Children A, B and C, with no secondary beneficiary designation. Will provides a contingent trust until youngest child is over 25 and all children are over 25 when insured dies. Since the contingent trust never came into existence, who should receive proceeds of the policy -- children for whom trust would have been created if children were under 25 or the estate?
Answer
We don't do homework.
Answer
So why was the contingent trust not created? Are you the Jane Doe?
Answer
Texas
Contingent trust not created because all of children were over age of 25 at time of decedent's death; trust would have been created only if any of children were under 25.
Answer
It goes to the estate.