my husband and i are discussing that if something happened to us what would we do with our kids? He said that our life insurance would go to his sister and not our kids so our kids should go to her because she will have the extra money. now my question is, is he lying to me, will the money go to her and not our kids or does it have to be set up that way?
2007-09-15 04:58:58 · 11 answers · asked by oes 2 in Politics & Government ➔ Military
I am wondering that too, I think he is doing it so they will go to his sister and not anyone in my family.
2007-09-15 05:10:41 · update #1
It goes to whomever is named as beneficiary.
If you two do not have a will, it is time to make one out, spelling out what happens to your money, and who looks after your children.
2007-09-15 05:03:44 · answer #1 · answered by bgee2001ca 7 · 3⤊ 0⤋
First, you need a will stating the kids will go to her. Just because she will get the money, does not mean the kids will automatically go to her. If there is no will and the kids are placed with other relatives, they can contest the insurance money going to her.
He should have you as the beneficiary, then his sister with the money being in trust for the kids. He can have it set up that she will only get so much money a month for the kids and after all the kids become of age, they split the remainder of the money.
The money the sister will get is sizable. You want to make sure the money is spent on your children, not on what she thinks she needs. You can also allocate a set amount for her to receive for immediate expenses for having more children, such as an addition to her house or help buy a bigger house, or rent a larger place. Expenses for relocating the children to a new neighborhood. Things of that nature.
2007-09-15 05:36:59 · answer #2 · answered by Diane 3 · 1⤊ 0⤋
When my husband and I went in to fill out our wills, we were told by the JAG lawyer that drew up the will that kids had to be a certain age to receive the money from the insurance. So what we did was set it up so that his parents get the money, but there is a stipulation put into the will that they have to set up a trust fund for his daughter and put 1/2 the money (i cant remember the amt) into the acct, and they will be in charge of the acct and buy her whatever they deem necessary that she needs, i.e a car, etc... until she turns 18 and then she can have full access to the trust fund. I don't know if that is how it is everywhere, but that is what we were told. You should be able to choose whoever you want the money and the kids to go to however if both of you die at the same time.
2007-09-15 08:21:34 · answer #3 · answered by Sharpie211 4 · 0⤊ 0⤋
When I was active, the Navy's policy was 100K, I filled out a form that said it would go to the wife. But there were other options that I could choose. Once you retire it is all together different. If you choose to have a premium taken out of your pension check you can provide an Annuity for, spouse, children, or business partner. There were different levels of Annuity's that had different premiums.
First I would investigate how to be "sure" where the kids would go and not the state. Then talk to your retention officer about your military life insurance options. Also getting extra civilian insurance is not a bad idea.
Also, if you are a military spouse..you have the right to see the military retention officer also, especially if you can't get a straight answer from the hub. But HE has to make any changes and can sign.
Good luck, thanks for serving.
2007-09-15 05:13:02 · answer #4 · answered by blaadedrums 3 · 2⤊ 0⤋
OK assuming that you you both die at the same time.......then the money he is saying would go to his sister so that she could provide for the kids, BUT has this all been worked out with her and her family, would all the money get absorbed into their budget or would it be separate to their running budget and used for the long term goals for the children
Is this who YOU want to raise your kids BTW...........
You need to make a very clear and concise will that has covered this otherwise the money goes to her and oops where does your kids go.
ALSO I am not comfy with the thought that should he die and you do NOT then does she still get the whole lot ??? and I am assuming that you are talking about the SGLI money here, which IMO SHOULD be to you and you alone, with some one else named as a secondary should it be that the two of you get killed at the same time.
Base legal will help you with your wills and they give you like a draft thing that you then take back and sort it out legal wise with them..............also IF you have some nightmare relatives, like we do, that you think MIGHT crawl out should he be the one to die first, this is also an ideal time to state that they are to get $1.00 and nothing more.........that way they can try to take it to court but as they have not been ignored, just given a dollar it should be thrown out by the judge.
regards
2007-09-15 05:07:35 · answer #5 · answered by candy g 7 · 1⤊ 0⤋
he can designate anyone he darn well pleases to receive all or part of his life insurance. in a perfect world, it would be you, then the kids with guardianship/custody being stipulated if the kids are minors. But if the Life insurance document decrees that the sister gets the money, there is NOTHING that says she has to take the kids and provide for them, unless there is a separate document with her signature agreeing to do so.
2007-09-15 06:08:27 · answer #6 · answered by Mrsjvb 7 · 1⤊ 0⤋
Maybe you should look at a trust fund with his sister as executor until the kids become adults and also how you feel about your sister in law is key but most important if both of you are in agreement
2007-09-15 05:21:31 · answer #7 · answered by EddieX 5 · 2⤊ 0⤋
if it is set up that way then yes she should take care of your children ,but you need to make a will and name a person to take care your children so its legal and no one winds up fighting over this and hurting you children.So look at your ins papers I get the idea that you don't like his sister, you 2 need to sit down and talk this over like adults . And remember thy are your children not kids .
2007-09-15 05:15:37 · answer #8 · answered by OLD SCHOOL 4 · 1⤊ 0⤋
SGLI goes to whomever he designates.
He can say his sister, or he can say the kids directly, or he could set up a trust to be funded with the proceeds of his SGLI.
Y'all need to talk to a JAG.
Bill, retired MSgt paralegal
2007-09-15 05:03:33 · answer #9 · answered by Bill 6 · 4⤊ 0⤋
the money goes to the person he picks or you pick it to go to I put my son over it when I went to Kuwait the first time around and he was only 3 but with his mother over seeing it. tell age 18 then he had control of it.
2007-09-16 07:18:36 · answer #10 · answered by buddy95 3 · 0⤊ 0⤋