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11 ronald and sheena were parents of two children aged 3 and 6. they purchased life insurance policies last year on each of their lives naming their children as beneficiaries. unfortunately, ronald and sheena died in an accident two months ago. as per the contract, the insurance proceeds were paid to sheenas brother, shawn, who will hold the funds until the children are old enough to handle it. in this case, shawn is the:
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a. trustee.
b. poa.
c. contingent beneficiary.
d. assignee.
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Explanation:

To solve this, we analyze each option:

• Option a (trustee): A trustee holds and manages assets for the benefit of others (here, the children, who are too young to handle funds). This matches Shawn’s role of holding the insurance proceeds until the children are old enough.
• Option b (POA): A Power of Attorney (POA) acts on someone’s behalf while they are alive, but Ronald and Sheena are deceased, so this is incorrect.
• Option c (contingent beneficiary): A contingent beneficiary receives funds only if the primary beneficiary cannot, but the children are primary beneficiaries (just too young), so Shawn is not a contingent beneficiary.
• Option d (assignee): An assignee receives rights from an assignment, but here Shawn is managing funds for others, not receiving rights via assignment.

Answer:

a. trustee