advise on beneficiary

[catgirlmissy]

What is the name of your state? nj

I am in the process of applying for life insurance(term), i also have a 403b and small life insurance from work. I want my four yr old son to be the beneficiary, i want to know what is the best thing to do in this case, should i open a TRUST, or a CUSTODIAL ACCOUNT? i want for him to be able to access his money when he is of a resonable age, not too young. I also don't want who ever gets custody of him, if i should die, to get there hands on the money and mismanage it.

Should either account be set up before i buy the insurance?

And will i also need a will?

And what taxes if any will he have to pay on this money if he should inherit, is there a way for him not to have to pay taxes on it?

ThanksWhat is the name of your state?What is the name of your state?

 

[Betty]

I could answer your questions but it would be rather involved with all the options available to you (ie life ins., trust, will). You might talk to an ins. agent or an attorney to help you set up what would be best in your situation based on what you want to do & based on your finances, etc. (an attorney might be best)