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Beneficiary Question - Life Insurance and Will
Posted on 10/17/09 at 5:18 pm
Posted on 10/17/09 at 5:18 pm
I'm finally getting around to compiling a will. Everything will be left to my spouse unless she dies also, in which case my kids (1 and 3) will receive the property in equal shares. These funds will be placed in a trust until age 27.
One thing that I realized is that the life insurance is separate from property and would thus not be included in my trust, if my children are direct beneficiaries of the life insurance policy. But, I would rather have the life insurance proceeds rolled into the trust for appropriate management.
So, how do I ensure that my term life insurace proceeds land in the trust as well?
One thing that I realized is that the life insurance is separate from property and would thus not be included in my trust, if my children are direct beneficiaries of the life insurance policy. But, I would rather have the life insurance proceeds rolled into the trust for appropriate management.
So, how do I ensure that my term life insurace proceeds land in the trust as well?
2
Posted on 10/17/09 at 6:05 pm to Bayou Tiger
list the trust as the secondary beneficiary??
Posted on 10/17/09 at 6:12 pm to Tigerpaw123
Also if you do name your children as beneficaires do not list them by name but rather "children of the marriage or adopted" you don't want to be in a situation where you have another kid, forget to change the paperwork then you screw up and die 
Posted on 10/17/09 at 10:59 pm to rmc
Quicken WillMaker Plus -- not an attorney.
The trusts do not exist but would be set up in the event that both parents die before the kids are 27. These would be separate trusts.
The trusts do not exist but would be set up in the event that both parents die before the kids are 27. These would be separate trusts.
Posted on 10/18/09 at 9:46 am to Bayou Tiger
Go see an attorney, could be the best $300 you ever spent
Posted on 10/18/09 at 2:01 pm to Bayou Tiger
Go see an attorney who specializes in estate planning. You need to have someone listen to and ask questions regarding your and your spouse's intentions, and then create the necessary documents. You need to specify who will act as trustee for any trusts created, who will act as guardians for your children, what sort of powers will the trustee(s) have to use the corpus of the trust as opposed to the income from the trust for medical, education or other special needs for your children.
You can exercise a great deal of control over your estate, including life insurance proceeds, with proper planning. You can also eliminate the need for complicated probate proceedings. The cost of an attorney now should be a fraction of the cost of professionals to assist with any probate matters. So make the investment in proper estate planning.
You can exercise a great deal of control over your estate, including life insurance proceeds, with proper planning. You can also eliminate the need for complicated probate proceedings. The cost of an attorney now should be a fraction of the cost of professionals to assist with any probate matters. So make the investment in proper estate planning.
Posted on 10/20/09 at 12:31 pm to Bayou Tiger
You can have a beneficiary such as "the trust created under Article IV of my Last Will and Testament dated ______" A few annoying insurance companies require the trust to be in existence and have an issued taxpayer ID no., in those circumstances we have created a very simple (one page) trust that has a pour over into the estate 60 days following death, thereby following any will provisions dealing with young kids.
I see you are in texas and can't speak to the efficacy of quicken wills, they may be ok over there.
However, the do it yourself will in a box type thing almost always gets people in trouble in Louisiana. The form requirements aren't met or the trust provisions are void because it doesn't comply with the La. Trust Code (there are a variety of things they do in all the other states that our trust code doesn't allow). Its an amazingly good way to screw up your heirs lives and is easily prevented by a simple legal consultation.
I see you are in texas and can't speak to the efficacy of quicken wills, they may be ok over there.
However, the do it yourself will in a box type thing almost always gets people in trouble in Louisiana. The form requirements aren't met or the trust provisions are void because it doesn't comply with the La. Trust Code (there are a variety of things they do in all the other states that our trust code doesn't allow). Its an amazingly good way to screw up your heirs lives and is easily prevented by a simple legal consultation.
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