If your children are beneficiaries of life insurance policies, and are under the age of 18, the money will be kept by the state until the age of majority(18). If you are attempting to avoid estate taxes with the amount of the death benefit, you should consult an estate planning attorney and discuss the possibilities of setting up an ILIT(Irrevocable Life Insurance Trust). If your spouse is the primary beneficiary, and you die, the unlimited marital deduction will have all the money go to your spouse without taxation. What a lot of people do though, to make it more simple, is to set up a Living Trust and just list the Living Trust as the primary beneficiary on the policies. Then, no confusion will come when and if you die.
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