by beatrixx2000 » Mon May 25, 2009 03:24 am
Hello, I am a US resident and I want to buy life insurance for myself and the beneficiary to be my son (14 y.o.) but because he's a minor, I want to name as beneficiary a member of my family (residing in Europe); (he lived with me, being a US resident also, and now he went to live with his father in Spain).
I don't want my ex-husband to be the beneficiary and that's why I want someone from my family, who I can totally trust. What options do I have? Thank you, Bea
I don't want my ex-husband to be the beneficiary and that's why I want someone from my family, who I can totally trust. What options do I have? Thank you, Bea
Posted: Mon May 25, 2009 06:00 am Post Subject:
Hi beatrixx2000,
I don't want my ex-husband to be the beneficiary and that's why I want someone from my family, who I can totally trust. What options do I have?
It's not about trusting your family member to be the beneficiary on behalf of your child. What happens if you'd choose your sister to be the one and she gets a divorce eventually? Don't you think that the distribution of property would be affected by the funds?
On the other hand, you might get a beneficiary in the form of a trust. The assets would only be there to support your child rather than anyone else. It could really be a flexible trust for you wherein the terms would allow the trustee to manage your assets till the appropriate time comes.
Now, don't you think it's safe?
Steven
Posted: Mon May 25, 2009 11:53 am Post Subject:
beatrixx2000
What options do I have?
You have 'all' of the options...you can name anyone you want as beneficary...as Steven has pointed out...if you have a child(ren)...you want to protect them...just naming a relative doesn't automatically do that....I don't think that their US residency is a requirement to be a beneficary on any life policy...so that shouldn't worry you what should worry you, is making sure ('if' you have children) that they get what you want them to have...a trust is the way to go for that assurance. If you have no children that you are concerned with protecting...them name whomever you want, (also name a contingent beneficary as well).Posted: Tue May 26, 2009 09:09 am Post Subject:
Beatrix, if you want your son to be the beneficiary of the policy, go ahead. Laws won't stop anyone from naming a minor as beneficiary of a life plan, but its heavily discouraged since death benefits aren't paid directly to minor children. You should appoint someone as the guardian of the child or set up a trust which would hold the money for the child.
Ask your agent and he should be able to offer you better guidance. You may need to mention the appointment of the guardianship or the trust in your will.
Posted: Thu May 28, 2009 06:09 am Post Subject:
Thank you all for the answers; Your replies are very informative.
Beatrix
Posted: Thu May 28, 2009 06:22 am Post Subject:
Beatrix
In my opinion you can name a beneficiary as your son and till the time he turns 18 you can appoint any person to whom you trust irrespective of nationality as appointee.
:arrow: :arrow: :wink:
Posted: Tue Jun 16, 2009 04:54 am Post Subject: lifeinsurance
Hi, my husband is going to change is policy from his ex-wife, and he wants to change the policy and he told me that I put you as a trust person and my son is beneficiary. He told me you have this life insurance with my kid after my death. What does it mean. Does he mean that he use me as a trust person or .... His son is 19 years old. thanks
Posted: Tue Jun 16, 2009 10:46 am Post Subject:
What does it mean.
I'm not real sure or clear...why don't you ask him...he is your husband right?Does he mean that he use me as a trust person or ....
Sounds like it but I doubt there is a need now, since...His son is 19 years old.
His boy is old enough to be the named beneficary now..Posted: Sat Sep 29, 2012 09:07 pm Post Subject: non resident beneficiary
can an undocumented person (illegal immigrant) be the beneficiary to my life insurance?
Posted: Sun Sep 30, 2012 12:10 am Post Subject:
Anyone may be your beneficiary. They just have to be able to be located to receive the death benefit proceeds. Doesn't matter where they are living at the time either.
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