What is the name of your state (only U.S. law)? MO
My husband and I have been married for almost 5 years. We both have minor children from previous marriages. (No children together.) We are re-doing our estate planning and trying to figure out how our life insurance beneficiaries should be set up. I am the sole provider for my child. His children live with their mother in a different city and he pays child support. The way our life insurance is set up now is that, should one of us die first, the surviving spouse is responsible for distribution of financial benefits to their child(ren) until the age of 25. If death should occur today, that could be in excess of 10 years. I think it is unrealistic to ask a surviving spouse to have financial involvement with a stepchild for that long. I think the "trustee" should be a family member. My husband is offended by this. Any advice?What is the name of your state (only U.S. law)?
My husband and I have been married for almost 5 years. We both have minor children from previous marriages. (No children together.) We are re-doing our estate planning and trying to figure out how our life insurance beneficiaries should be set up. I am the sole provider for my child. His children live with their mother in a different city and he pays child support. The way our life insurance is set up now is that, should one of us die first, the surviving spouse is responsible for distribution of financial benefits to their child(ren) until the age of 25. If death should occur today, that could be in excess of 10 years. I think it is unrealistic to ask a surviving spouse to have financial involvement with a stepchild for that long. I think the "trustee" should be a family member. My husband is offended by this. Any advice?What is the name of your state (only U.S. law)?