Male   Female
  • Trusts and insurance: Your children’s life after your death
  • June 4, 2015
  • estate planning for your familyBy Karla Sullivan

    Many believe that after beginning a new family, preparing for death is not normal. But we do. We need to ensure the safety of our children at all costs, even though it is especially daunting to think about life insurance, trust, guardians and whether a parent or both parents will be there through it all.

    What is Guardianship?

    If you have children and something happens to you and your spouse, who will take care of them? If you have not appointed a guardian ahead of the inevitable, someone will have to petition the courts to appoint a guardian. A guardian is someone who will take care of your children’s needs, including providing for the appropriate shelter, food, education and medical expenses. And depending on the health of the children, if disabled, they may need support for a lifetime. Their dependency can continue for many years beyond the death of both parents.

    Unless you specifically name a guardian in your will, anyone can step forward to ask for the job. Therefore, it is essential to name someone that you trust will carry out your wishes and desires.

    What should you look for when choosing a guardian?

    · Parenting styles that match your own
    · Similar religious beliefs
    · Location of the guardian in relation to your child’s present neighborhood
    · The guardian’s own immediate family
    · The guardian’s financial status
    · Education values
    · Moral values

    Once you establish a will, a guardian is chosen and a child’s trust for estate property will be transferred effectively as well as life insurance. The objective of a trust is to control spending and that funds are periodically disbursed defined by Edward Graves’ McGill’s Life Insurance. Children cannot be named as a beneficiary in a life insurance policy but the Trustee of your estate can be named beneficiary. Moreover, by naming a Trustee in your Estate Planning Documents for your children’s money, not only have you protected them against delay, hassle and expense, but you have also reinforced your selection of guardian if you name the same person as guardian and trustee in your Estate Plan.

     

    Another important step is to name beneficiaries for your retirement plans such your 401 K and IRA. By naming a beneficiary, you make it possible for the funds in the account to go directly to the person (or persons) you name, without probate.

  • Category: Articles Library, Company Profiles, Life Insurance, Parenting

Leave a Reply

Archives

About

Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at bob@lifequotes.com.

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates www.consumerinsuranceguide.com and www.lifequotes.com, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  


Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.
10.1.1.86