I live with a woman who is my best friend in a totally platonic relationship; we're like brother and sister. In fact I refer to her AS my sister and she calls me her brother. I have placed her as the benificiary on my life insurance policies. Now, I have blood siblings (1 sister, 2 brothers), but, for the most part we're not at all close. I want to make sure my friend has no problems with them in the event of my death, as I'm sure she and my new extended family will most likely take responsibility for my burial.
2006-08-18 01:36:31 · 7 answers · asked by Taz 1 in Business & Finance ➔ Insurance
Honesty is the best policy. List the beneficiary designation as (for example) "Mary Smith, friend."
If you believe your family might try to change the beneficiary at some point, you could make the beneficiary "irrevocable." This would mean you'd need your friend's permission to change the beneficiary in the future, so be careful. Speak with your agent if you feel this option is what you want.
You write that your friend and her family "will most likely" bury you. Be sure you clarify this in some way, because she's not legally obligated to pay for your funeral.
Also, don't neglect to name a secondary beneficiary to get the money if your friend passes away at the same time you do, or prior to your death. If you don't, the money will go to your estate and there will be legal hassles to deal with; depending on the circumstances, your blood family could end up with some or all of the money.
2006-08-18 01:50:15 · answer #1 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
Absolutely you can. Most companies require an "insurable interest" must be the beneficiary. When I write a life insurance policy we list a family member until it gets issued, and then you can change it to anyone (even your dog) you want. Life insurance does not go through probate, so when you pass away, your brothers and sister cannot contest it or cause her any grief.
2006-08-19 05:49:54 · answer #2 · answered by Susan C 3 · 0⤊ 0⤋
not something. more beneficial precisely, in spite of your household initiatives might want to were in case you've been not the beneficiary, no more beneficial and no a lot less. the money is yours to apply for any purpose it truly is not unlawful. If any of the relations are your own newborn or your ex-better 1/2, then you will have newborn help and/or alimony duties. if you're a cosigner on the debt or were in the different case obligated earlier the inability of existence, then you are nevertheless obligated. you do not have any extra duties because of being a beneficiary, and do not even ought to pay for a funeral except you favor to take action.
2016-11-05 02:11:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The best way is to do an absolute assignment or to write a will. Both are simply but legal documents stating that you would like so and so to be the beneficiary. State the name, relationship and identity number of that person. Sign and get someone else (not related to her or you) to sign.
2006-08-18 04:24:23 · answer #4 · answered by floozy_niki 6 · 0⤊ 0⤋
Just list her! You don't even have to tell anyone. If you don't want there to be any confusion, you include her ss#.
BTW, life insurance beneficiaries can't be contested - it's not at all like wills.
2006-08-18 02:03:41 · answer #5 · answered by Anonymous 7 · 0⤊ 0⤋
contact your life insurance company and obtain a beneficiary change form. list her information and submit the request. unless the form is filled out incorrectly, the company should accept your designation. of course, you could always call and ask prior to submitting the form.
2006-08-19 02:47:08 · answer #6 · answered by Carrie 2 · 0⤊ 0⤋
You want to make sure that is she is listed as primary beneficiary on the policy.
Make sure you knows where all of your important paperwork is.
2006-08-18 01:41:22 · answer #7 · answered by T O 3 · 0⤊ 0⤋