Another life insurance planning mistake is naming a minor child as a beneficiary. This will almost certainly require that a guardianship be set up for the child through the probate court, incurring court costs and attorney fees. The probate court would also determine who to appoint as the guardian. The amount of the insurance proceeds would be public record and the court would have to approve all expenditures. On top of that, the guardianship terminates and the assets are distributed outright to the child upon turning 18 years of age. The solution is to create a contingent trust for minor children.