single folks: Who is your beneficiary?

[rudeguy]

For your life insurance, etc?

Currently I have my sister as 100%. We agreed she would put it in a trust until lil rudeguy graduates from college. Nothing legal though, so if something happened to her I don't know what would happen.

What is the right way to do this? I bumped up my life insurance this year since lil rudeguy is getting older and I am not getting younger.

 

[SandEagle]

why not just list lil rudeguy as the beneficiary?

i leave all my debts and asses to ATOT

 

[rudeguy]

why not just list lil rudeguy as the beneficiary?

i leave all my debts and asses to ATOT

I wouldn't want to put him in that position until he is ready for it.

 

[the DRIZZLE]

For your life insurance, etc?

Currently I have my sister as 100%. We agreed she would put it in a trust until lil rudeguy graduates from college. Nothing legal though, so if something happened to her I don't know what would happen.

What is the right way to do this? I bumped up my life insurance this year since lil rudeguy is getting older and I am not getting younger.

My sister is mine as well but I don't have any kids. IANAL but if you want the money to end up in a trust for your kid he should be the beneficiary and you could probably specify her as the trustee in your will.

 

[Jeff7]

My sister - everything.

 

[amdhunter]

why not just list lil rudeguy as the beneficiary?

i leave all my debts and asses to ATOT

Dibs on the asses. :thumbsup:

 

[herm0016]

no kids, so my parents get all of my insurance and such.

your's seems like a pretty good plan, though I would want to have it all written into the will.

 

[goog40]

Parents and brother for my bank/retirement accounts. Single and no kids = no need for life insurance.

 

[LinuxIdiot]

I setup my parents as beneficiaries to help with anything then my sister as the contingent benfeficiary on everything

 

[Broheim]

no kids, so my parents get all of my insurance and such.

this.

 

[highland145]

Dibs on the asses. :thumbsup:

Rudeguy asses.....do not want.D:

 

[nanette1985]

My kids are beneficiaries of their own insurance policies, but they are all in their 20's - older than yours.
Hopefully this won't become an issue any time soon. Good Luck and a Long healthy Life to you.

 

[highland145]

My kids are beneficiaries of their own insurance policies, but they are all in their 20's - older than yours.

Hopefully this won't become an issue any time soon. Good Luck and a Long healthy Life to you.

:\ Princess, how can they be their own beneficiary? I'd like to try it but I think it's illegal.

 

[lykaon78]

I wouldn't want to put him in that position until he is ready for it.

Spend $$$ hire a lawyer to write a trust.

 

[Deeko]

It was my parents until I got married.

 

[notposting]

The Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (UTMA) allows you to name a custodian to manage property you leave to a minor. The management ends when the minor reaches age 18 to 25, depending on state law. States are free to adopt or reject the UTMA, which is a model law proposed by a group of legal scholars. All but two states have adopted the UTMA, many making minor changes to it. It is likely that the UTMA will be universally adopted in a few more years.

If the UTMA has been adopted in your state, you may use it to specify a custodian to manage property you leave to a minor in your will until the age at which the laws of your state require that it be turned over to the minor. Depending on your state, this varies from 18 to 25.

MI has this and the age range in MI is 18-21. So make lil rudeguy the beneficiary and your sister the custodian. We just went out and bought Quicken Willmaker last month so we could go through and set up our wills. Pretty basic circumstances so cheaper than hiring a lawyer or attorney.

 

[tokie]

My brother and parents.

 

[tokie]

My kids are beneficiaries of their own insurance policies, but they are all in their 20's - older than yours.
Hopefully this won't become an issue any time soon. Good Luck and a Long healthy Life to you.

What? That is the stupidest thug I have ever heard. So one of them dies and nobody else can collect?

I could see being too lazy to not have a beneficiary listed but to have it as themselves is wtfworthy.

 

[Corporate Thug]

Brother.

 

[Soccerman06]

No brothers or sisters, no SO, so parents lol

 

[SphinxnihpS]

For your life insurance, etc?

Currently I have my sister as 100%. We agreed she would put it in a trust until lil rudeguy graduates from college. Nothing legal though, so if something happened to her I don't know what would happen.

What is the right way to do this? I bumped up my life insurance this year since lil rudeguy is getting older and I am not getting younger.

No. For now, make the beneficiary "The Estate of rudeguy", then draft a will which delegates your estate. Later you can set up a trust to hold assets outside of your estate, and change the ownership and beneficiary to the trust. Pick a trustee. Heirs profit!

Despite laws preventing minors from getting ahold of death benefits before they become of age, the age is rather low (kids and money don't mix), and do you really want the state holding your money after your gone? Do you really want the state making all your final decisions for you in probate court. No and no!!!

Despite free templates and stuff available to help people draft these documents, hire an attorney who specializes in wills and trusts.

 

[MrsBugi]

My parents and sisters.

 

[SphinxnihpS]

What? That is the stupidest thug I have ever heard. So one of them dies and nobody else can collect?

I could see being too lazy to not have a beneficiary listed but to have it as themselves is wtfworthy.

No, you just don't know wtf you are talking about, so my advice is that when someone asks potentially serious questions like this in the future, you stfu.

 

[phucheneh]

Life ins-what-ance?

Can I choose an enemy to leave my debt to?

 

[datalink7]

40% mom
40% dad
10% sister
10% sister