|
|
|
|
akern
Member
|
|
|
Joined: 31 May 2002
Posts: 17149
Location: CTU
|
| Back to top
|
|
 Posted: 01/30/06 - 16:45 Post subject:
| purple hayes wrote: | | Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff  how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone. |
I had one too before I had any dependants. My company offers $20,000 per employee for free and for a few cents a week more I raised it to $50,000. My mom was the benificiary. I figured if I croak, they might as well benefit.
|
|
|
|
|
purple hayes
Frightened Inmate #2
|
|
|
Joined: 14 May 2002
Posts: 14462
Location: ON YOUR LEFT!
|
| Back to top
|
|
Posted: 01/30/06 - 16:53 Post subject:
You should take that few cents a week and buy lottery tickets instead, then you could be a brazillionaire!
purple hayes, CFP
|
|
|
|
|
airehead
Oompa Loofah
|
|
|
Joined: 12 Nov 2002
Posts: 18788
Location: Between here and eternity...
|
| Back to top
|
|
Posted: 01/30/06 - 16:55 Post subject:
| akern wrote: | | purple hayes wrote: | | Karlene wrote: | is it weird that I have 3 insurance Policies?
My mother bought my siblings and I one when we were kids, I bought 1 through another company, and now have one through work...
Oddly enough, the last one i bought the guy showed up at my door the day after i almost fell off a cliff how lucky for him! |
Why do you have a life insurance policy? I thought people bought them because they had dependents they wanted to take care of after they were gone. |
I had one too before I had any dependants. My company offers $20,000 per employee for free and for a few cents a week more I raised it to $50,000. My mom was the benificiary. I figured if I croak, they might as well benefit. |
Don't forget when you do your will to stipulate who will become your children's guardians should something happen.
Also, if you have pets, stipulate where those go, too.
|
|
|
|
|
thegman
Member
|
|
|
Joined: 23 Sep 2002
Posts: 3088
Location: 12 yards out.
|
| Back to top
|
|
Posted: 01/30/06 - 23:13 Post subject:
| brie k wrote: |
What you want to make sure is clear in your will is what is to be done with your life insurance policies (such as the guardian gets x amount for expenses for the children up until they reach majority, and specify when that majority is). Make sure that the children have a guardian. That is much more important than the life insurance, or at least AS important.
|
Just so you know, life insurance policies are contracts between an insurance carrier and an insured. Because of that, you can't dictate what can and can't be done with proceeds paid out to a beneficiary within the terms of a will. You can dictate what's done with assets within the estate, of course, regarding a guardian, but not life insurance proceeds.
If you have minor children, naming a guardian is a must. If you've named minor children as beneficiaries under a life insurance policy, the proceeds would most likely be placed in some form of a trust, as required by the insurer - the natural trustee would certainly be the childrens' guardian, but that isn't always the case.
|
|
|
|
|
thegman
Member
|
|
|
Joined: 23 Sep 2002
Posts: 3088
Location: 12 yards out.
|
| Back to top
|
|
Posted: 01/30/06 - 23:15 Post subject: Re: Serious questions.
| akern wrote: | We've been thinking about getting additional life insurance policies. We have a small amount that our employer provides now. So my question is:
If we both kick over at the same time who knows what to collect from where? Is this what a will is for? Who holds the will and how do they know you've died? How much is the average cost of a will. Do I ask the lawyer these questions or insurance agent.  |
I'd ask a lawyer. We need the business more than the insurance guys do.
|
|
|
|
|
brie k
Member
|
|
|
Joined: 15 May 2002
Posts: 5661
Location: where the wild things are
|
| Back to top
|
|
Posted: 01/30/06 - 23:30 Post subject:
| thegman wrote: |
Just so you know, life insurance policies are contracts between an insurance carrier and an insured. Because of that, you can't dictate what can and can't be done with proceeds paid out to a beneficiary within the terms of a will. You can dictate what's done with assets within the estate, of course, regarding a guardian, but not life insurance proceeds.
If you have minor children, naming a guardian is a must. If you've named minor children as beneficiaries under a life insurance policy, the proceeds would most likely be placed in some form of a trust, as required by the insurer - the natural trustee would certainly be the childrens' guardian, but that isn't always the case. |
With all that will ordeal we went through with with Kramer's family, you'd think I'd have a firmer handle on this stuff. Not to mention that I am studying commercial law right now and all that nice contract stuff is thrown in to make life extra fun!!  (I actually love this area of law -- not a lot of that blood and gore I got in crim law or am getting in CSI!!)
I don't have life insurance right now, but when the time comes I know I'll have to figure out that stuff too. I am lucky in that once I get my will redone (sooner than later, I hope), the kids will go to my father should something happen to both Kramer and I, and I trust him enough to take care of the kids.
I think the guardian thing is much more important than all of the other things in the will. If you have someone you can trust to look after your children and do as best they can to honor your wishes (like moving heaven and earth to see to it that the kids go to college, for instance), then you're all set.
|
|
|
|
|
Gogirlgo
Member
|
|
|
Joined: 25 Jul 2002
Posts: 4777
Location: No deal, stalker.
|
| Back to top
|
|
Posted: 10/14/06 - 14:06 Post subject:
Yes, guardians for minors. You can also name a trustee if you have trusts for your kids and something very important people forget is power of attorney. Remember there are two kinds, one for financial decision and one for medical decisions.
Right now I'm studying Trusts & Estates and I actually really like thinking about stuff like this. My professor says two things to us:
1. Don't end up in the next edition of the book (meaning you seriously f*cked up somewhere)
2. Have a will that clearly spells out your wishes.
Akern, be sure to list a beneficiary on things that aren't jointly owned b/c otherwise those assets will wind up in probate court and take a while for the state to sort through. If you make it clear where assets are going, it's a lot easier for your survivors.
Something else to think about is getting extra life insurance and naming the guardian of your kids as the beneficiary (until your kids are 18 ). That's so that if the guardian had to make major changes, like putting an addition onto her house to care for your kids, she wouldn't be out of pocket.
|
|
|
|
|
Floridaboiler
POTFH
|
|
|
Joined: 18 May 2002
Posts: 11322
Location: Jacksonville, Florida
|
| Back to top
|
|
Posted: 10/14/06 - 18:03 Post subject:
I need to get a will set up for my family. We have the life insurance but now we need to go find a lawyer to help us set up the will.
|
|
|
|
|
gretriever
Hipster Doofus
|
|
|
Joined: 16 Jul 2003
Posts: 19385
Location: A moving target in a firing range.
|
| Back to top
|
|
Posted: 10/14/06 - 18:18 Post subject:
| purple hayes wrote: | | Karlene wrote: | | purple hayes wrote: | | Can you leave me enough money for a smith machine? |
no  |
But I'm trying to lift more than I should. |
Get some of the sh-t off the shovel. You'll find the lifting much easier. 
|
|
|
|
|
Floridaboiler
POTFH
|
|
|
Joined: 18 May 2002
Posts: 11322
Location: Jacksonville, Florida
|
| Back to top
|
|
Posted: 10/14/06 - 20:20 Post subject:
| gretriever wrote: | | purple hayes wrote: | | Karlene wrote: | | purple hayes wrote: | | Can you leave me enough money for a smith machine? |
no |
But I'm trying to lift more than I should. |
Get some of the sh-t off the shovel. You'll find the lifting much easier. |
But then this place would really stink since no one else cleans up! 
|
|
|
|
|
andydp
Member
|
|
|
Joined: 23 Sep 2003
Posts: 8122
Location: Upstate NY near Albany
|
| Back to top
|
|
Posted: 10/14/06 - 20:52 Post subject:
Simply put:
Right on the Insurance policy you can designate who gets the money if the SO dies. You designate a primary beneficiary (SO) then seconday beneficiaries like mom and dad. So in our cases wife is primary in my policy I'm primary in hers. Kids are the secondary beneficiaries on both our policies.
For all the other stuff like property, kid care etc etc see a lawyer. No one here can give you the correct advice except a lawyer and only after a face to face meeting. Cost for a will should be around $ 500.00
Insurance: We have several policies wich have also been a good savings bank. Just suffice it to say I could go to my policies right now and buy a Corvette without taking a loan on the policy. Each case is different so you'll have to decide if you want to just buy term life or whole life type policies with cash values.
You do need insurance on both of you, especially if you have small kids. For one there is the income loss for another someone now has to take care of the kids and that costs $$.
|
|
|
|
