YSK: Most life insurance companies will not give the money to a minor child without a trust / trustee in place. Also, some LI Co's will alert your spouse if you remove them from the policy.

Recently, /all had a post about a guy who changed his life insurance policy to his children after a fight with his spouse. In terms of estate planning, this is probably one of the worst things you can do with your life insurance if you haven't taken the necessary steps required by your policy.

Many (if not ALL) will NOT pay out to the minor child without some form of trust or adult custodian in place. Without these, it could send the issue to court to have a guardian assigned: tacking on attorney's fees, court fees, administration fees, and taking significant time before the proceeds are paid to your child(ren).

You should also know: Many life insurance companies will alert the spouse if they are removed from the policy. (Just a heads up if you're trying to do this as a secret.)

If you're considering setting up ANY fund for your children after your death, you should talk with a professional (your life insurance carrier or estate planning attorney). Even more critical to do this if you're trying to disinherit your spouse.