Who do I make the life insurance policy out to in order to establish a trust for my child?
2006-12-08 08:10:50 · 8 answers · asked by Anonymous in Business & Finance ➔ Insurance
You should establish the trust while you are still living. Speak to an attorney.
2006-12-08 08:17:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will need to designate an executor for you will. This should be someone that you trust, that you have no problem with turning over a large sum of money or the welfare of your child/children. You will then need to contact an estate attorney and ask them the next step in filling out the beneficiary on your policy. Don't leave it to chance, if you fill it out incorrectly there will be no recourse when you pass.
2006-12-08 08:20:42 · answer #2 · answered by Scooter Girl 4 · 0⤊ 0⤋
It is always difficult for the general public (you and I) to make out wills and testaments without transgressing some unknown law or regulation - we simply don't know how to do it! That is why it makes a lot of sense to approach either your bank, an insurance broker or a lawyer to take care of this delicate issue, They have been trained to do this properly. Beware when appointing an executor for your estate that the executor doesn't walk away after your death with the lion's share of what you leave behind for your child! That is why I usually advise people to appoint someone from their bank rather than insurance brokers or lawyers to act as executor for your estate. A good idea is to form a Family Trust with trustees to be appointed upon your death by the executor, to look after aspects such as investments on behalf of your underage child, his/her future education, etc.
2006-12-08 08:25:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your situation cannot be adequately answered here.
Wills; insurance policies; and trusts are three distinct subjects.
You owe it to your child to spend the time and money to get this handled correctly. Some attorneys offer pro bono (free) services. Call a few and ask. good luck.
2006-12-09 18:14:21 · answer #4 · answered by J. C. 6 · 0⤊ 0⤋
You can buy a template at Staples or OfficeMax.
If your child is under the age of 18 you should
assign a custodian to the policy.
2006-12-09 05:22:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Hello! I know this may sound a little strange, but I am an associate for prepaid legal and we have lawyers who can write your will for you and you can get it updated annually. If you have children, it might be something to consider. The average will costs over $300 to write and this is much less. Let me know if you would like some information and I would be happy to share it with you.
2006-12-11 08:40:48 · answer #6 · answered by gatorgirl 5 · 0⤊ 0⤋
The Insurance Company may be able to help you with this and it not cost. I just guessing.
I did a search for "free wills". This site I browse over quickly; http://www.americawills.com/ There a few places they say, they can not do for free;
State of Louisiana
Guam
Puerto Rico
U.S. Virgin Islands
But, you may be able to read and get some free information to help you make a better decision.
2006-12-08 08:20:01 · answer #7 · answered by Snaglefritz 7 · 0⤊ 0⤋
You'd probably be best advised by a paralegal who can assist you with the precise wording.
2006-12-08 08:18:52 · answer #8 · answered by TweetyBird 7 · 0⤊ 0⤋