Life Insurance Policies

[penelope10]

So, as kiddo needs money - GP as trustee would be able to dole out for my son? Or son only gets money at a certain age.

Lets say I pass away, and son's dad doesn't have the money to put kiddo in soccer. Kiddo wants to play. Can GP give the kiddo money to play soccer? Or only major events? Such as?

I also want to leave money so that my parents would be able to visit kiddo freely from Ohio to Texas because I'm assuming that if I die, and father gets custody and yanks kiddo out of Ohio to Texas (I'm actually tearing up at the thought), that my family could still visit, and have funds to do so. Unless dad still doesn't want custody, and allows my brother and his wife to be the guardian while child stays in Ohio. Then I want son's dad to have some money to be able to visit more. Sounds confusing, was confusing to type, but its what dad and I are working on.

Yes, trustee would act in the child's bet interests until the child reaches legal majority( per the trust).. After that you can spell out the distribution. I really didn't become super over specific---for me that's kind of control beyond the grave that isn't necessary. However, if you want your child to have something before he reaches that age it can be spelled out. As far as GM and GP using the trust themselves unsure. Because then GP would in a sense become a direct heir to the trust---it's best to set up the trustee as someone who does not benefit from the trust IMO.

Maybe someone will wander along that has more expertise in this area than I.

P.S. My trust also spells out who acts as trustee should the trustee die.....

 

[CJane]

Oh good grief----I take it THAT didn't work.

Ummm... no. Heh.

 

[Humusluvr]

Yes, trustee would act in the child's bet interests until he child reaches legal majority( per the trust).. After that you can spell out the distribution. I really didn't become super over specific---for me that's kind of control beyond the grave that isn't necessary. However, if you want your child to have something before he reaches that age it can be spelled out. As far as GM and GP using the trust themselves unsure. Because then GP would in a sense become a direct heir to the trust---it's best to set up the trustee as someone who does not benefit from the trust IMO.

Maybe someone will wander along that has more expertise in this area than I.

P.S. My trust also spells out who acts as trustee should the trustee die.....

Yeah, I think that is where I get confused. I will call my insurance agent this afternoon, and possibly my lawyer friend, and see where I need to go in setting up a will, trust, beneficiaries, funds, etc. I just want this kiddo to be set up, and taken care of whether I'm alive or not.

Side note - you know, when I was not a mom, my diabetes and health care really didn't matter much to me. I ate whatever I wanted. Now that I'm a mom with a healthy child, I want to be around for a really long time. I hope its not too little too late for me. I don't want to have a Steel Magnolias moment.....

 

[penelope10]

Yeah, I think that is where I get confused. I will call my insurance agent this afternoon, and possibly my lawyer friend, and see where I need to go in setting up a will, trust, beneficiaries, funds, etc. I just want this kiddo to be set up, and taken care of whether I'm alive or not.

Side note - you know, when I was not a mom, my diabetes and health care really didn't matter much to me. I ate whatever I wanted. Now that I'm a mom with a healthy child, I want to be around for a really long time. I hope its not too little too late for me. I don't want to have a Steel Magnolias moment.....

Ya know I would not have thought about all this stuff that much had I not had a child pass away. So I understand about having something traumatic happen that really makes you reexamine things. I know folks who are diabetic and have had really horrible health issues too. The good news is that now you'll take better care of yourself. And it's made you think about steps to protect the kiddo.

And ya know, none of us really know exactly when it's our time. All we know is that eventually it will happen. Life is precious and is best spent being happy and good to the people we love and that love us.