Problem
Tyson and Rebecca divorced last year after 20 years of marriage. Rebecca earns over $900,000 yearly as the CEO of a large technology company while Tyson is a stay-at-home dad to their two children, Emma 14, and Willow 12.
During their divorce proceedings the judge declared that, in addition to paying monthly child and spousal support, Rebecca must purchase a life insurance policy to ensure that the payments will continue if she dies prematurely until the children are 18 and Tyson is 70 years old. How should Rebecca designate the beneficiary of this policy?