by Insurance Maze » Fri Feb 29, 2008 05:24 pm
There are many single Moms and Dads out there who oftentimes have the sole responsibility of caring for young children.
If you are a single parent and want to purchase enough life insurance to guarantee that your minor children are cared for if you should die suddenly, how would you handle the "beneficiary" designation?
What steps would you take to allow you to be comfortable in knowing that your children would benefit from the life insurance proceeds?
If you are a single parent and want to purchase enough life insurance to guarantee that your minor children are cared for if you should die suddenly, how would you handle the "beneficiary" designation?
What steps would you take to allow you to be comfortable in knowing that your children would benefit from the life insurance proceeds?
Posted: Tue Jun 10, 2008 10:05 am Post Subject: insurance
I have seen SOO many families just 'torn apart' from who gets xxxx amount of money. It's sad to see. 'You' should be as specific as you can...who gets the money and who you want to 'control' it. If, for some reason, the 'issue' ends up in the court system, it can take a long time to resolve.
Posted: Thu Aug 07, 2008 06:54 am Post Subject:
Several community members express their concern if a policyholder can find the right person to be the trustee who will take care of the interest of the minor beneficiaries named in the policy.
If you don't think you can find anyone trustworthy to do the job, you may consider a corporate trustee provided you leave behind huge sum of money.
Well, like it or not, after we die, someone will step into our shoes and manage our financial affairs either we have life insurance or not.
If a person dies without will, the court will appoint an administrator to manage the deceased's estate. If a person dies with will, the court will appoint an executor and the executor will have to manage the estate according to the wishes of the deceased as described in the will.
Posted: Thu Aug 14, 2008 10:17 am Post Subject: insurance
It would be very sad, I think, if your parents pass away WITHOUT some sort of will, POA, etc. All of their belongings will go to the courts. My parents are in their 70's..and they have a will, etc., set up between my sisters and I. Of course......I would rather have my parents alive than their 'items'.
Posted: Sun Oct 05, 2008 11:55 pm Post Subject:
I would rather have mine too. What do you mean all their items go to the courts? I am thinking that you mean the court will have the right to decide who gets what? My dad has a will but really I don't care...I would rather have him any day.
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