by Grant » Mon Dec 15, 2008 08:25 pm
my grandmother died in 2001 and left me and my family insurance policies. she was married but due to the circumstances of her marriage she didnt leave her husband (my step grandfather; not blood) anything. to this day he has all of the insurance policies locked up and says no one is getting anything until he dies, even though his name isnt on anything. she left me money for college, and i am now 18 years old and ready to go to college. I live in San Diego, CA. and none of us no what company the insurance policies are from. what are my rights? what must i do to get the policies that i am entitled to?? i really need the money and he is not willing to give the policies up, even after 7 years..PLEASE HELP ME!!! THANX. --DG
Posted: Sat Jan 17, 2009 02:07 pm Post Subject:
Thanks I will get on looking into that. We carry pretty good life life insurance and I think the money being spread out would be better. When you were yunger did you ever have what seemed alot of cash in your hand, turn around and spent it, and then thought" wow I wish I would of"? If it is given in allotments then they would have time to think what the best way to spend it was. Just my opinion of course.
Posted: Sat Jan 17, 2009 02:15 pm Post Subject:
I think that is generally a good solution....if there is quite a lot of money involved..my mom and stepdads trust further comes in and sells the house and car ( i have to take care of the personal property)...and then that money also dumps into the trust
Posted: Sat Jan 17, 2009 10:30 pm Post Subject:
A lot of people use trusts to avoid the "party syndrome" of younger people when they are handed instant money. Others use it to protect the assets from creditors, or to remove the value of the life insurance from the estate (they are commonly used to avoid estate taxes). I would highly, highly recommend paying the fee for a good lawyer to create the trust document if you can afford the fees and/or have a substantial death benefit.
Posted: Sun Jan 18, 2009 01:38 pm Post Subject:
Those sound like some really good reasons. I like how Lori mentioned you can have your house and things sold and added to the trust. Not only will this stop the party syndrome it would also keep alot of the arguing down. Soon as I get on my feet I am going to look into this route. Thanks for this insormation on irrevokable trust..
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