by sdchargersfan » Sat Jun 06, 2009 01:38 am
I know a few of the Experts, on this Forum ,were trying to help me 'deal' with my Military Life Insurance policy. I was getting ALOT of 'conflicting' advice....from the Experts and from my Battalion ( Jag office). The last few days, I've REALLY thought about what advice was given to me, by people on this Forum...as I thought about it, I thought ' this many Insurance Experts can't be wrong." Well..... I don't remember which one of you gave me the number, to the VA in Washington DC, for SGLI. But, I DID call it. I spoke to a woman, who was very nice and extrememly willing to answer my questions. To make a VERY long story short, the advice that SHE gave me was TOTALLY opposite from what 'our' Jag office is telling us. I called to Jag office, MYSELF. The answers I received from them, I just din't feel 'comfortable' with. When I told them, "this is what you guys are TELLING us ( Soldiers) to do...to fill out the SGLI THIS way, " etc. I was just getting alot of 'general' answers instead of specific ones. NOW............................i want to say I REALLY feel, now, that I'm not doing my son ANY justice ( as the Jag office was saying I was). My son is my life!!!!!!!!!!!!! How can I be so mistaken on THIS issue?! ( Thinking outloud here..). I never said the Military was perfect, however.......I would think they would, AT LEAST 'steer' Soldiers in the 'right direction'...ya know? Saying all of that,..........i want to apologize for my stubborness. I've been in the Military a long time. 'You' would think if the Military is giving out incorrect information, they would correct themselves. Please tell me,...........what should I do?! How should I change my Life Insurance policy so my son is PROPERLY cared for????????!!!!!!!!!!!
Posted: Tue Jul 14, 2009 11:01 am Post Subject:
It took guts on your part to come back after all the abuse that was hurled your way.
I agree that 18 is not a responsible age. You can do what you want to do, but a trust will need to be established. Talk to your attorney for the proper wording. You won't name your son as beneficiary. Instead the beneficiary designation will be something along the lines of "Trust under the will of the insured". At death, the money will be paid into this trust. Your friend can be the trustee of this trust and will control the investments and the payouts. The trustee will then have discretion according to the trust documents on how to use this money to benefit your son. There can then be a certain age at which the trust dissolves and the money becomes your sons.
For instance, my children get half of the money at 25 and the remainder at 35.
Add your comment