I get basic free life insurance as a part of the benefits package from my employer. Recently, I checked it and was surprised to find out that my ex-wife (been divorced for 5 yrs) is still the beneficiary.
It's not a huge amount but enough to see my kids (10 and 14) till adulthood. I would rather not leave the money to my ex-wife because she will blow it on the next shiny thing that comes her way. I would also rather not name my mom as the beneficiary, because I think my ex-wife would just bully or guilt her out of the money.
So I am not sure how to proceed. I've heard of trust funds but I have no idea how they work or even if that is a thing.
So what are my options?