ohhhh I can keep my mouth shut... Just didn't know if I had any obligation to tell. If she wanted them to receive part of the life ins. she would have named them. They are no help to her now and I don't expect help after she's gone. what they don't know won't hurt them.
Thank you.
In her will/estate/etc, she might want to purposely exclude the "irresponsible" ones by name. In one of the estate planning sessions in which I was involved, the customer purposely wanted to leave two children out of the will/proceeds from life insurance. The attorney suggested a simple one line addition, "I am purposely excluding _______ and _______ from receiving anything from the will and have also purposely excluded them from any proceeds from my life insurance policy."
The reason for this was so if they still wanted to contest (mental incapacity, etc), there would be no question that he knew exactly what he was doing - in fact, he even purposely mentioned (excluded) it in the will. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
Hey I know what life is speaking of. My dad had his will made out years ago and he purposely excluded one of our half brothers. Put it right there in writing that he was purposely excluding him. dad'd not a mean person ...just had really good reasoning for doing this.
He's dead right (pun intended)...we've all been there, I too have seen this 'save' the estate from the excluded ones...My grandpa, left two 'bad' grandsons (who's father was his son and died young), 100 bucks each with a line kind of along the line of, "It is my intention that Douglas and Derrick receive this 100 each and nothing else, including any of my personal property unless, my daughter 'blankity blank' see's fit to gift them with something'' or at my daughters sole discretion...
My dad and step mom, and my mom both have me as the 'boss' of the estate, their documents both say something like, 'The division of all personal property is at the sole discretion of Lori, and her decision is final'
I'd say that your mom needs to put something in there as LIG said, because you know the vultures will flock immediately...and even though you don't tell them about the life policy they are sure to ask....just a little heads up when the time comes and you have to make arrangements, the funeral guy will ask how you are paying for this, is there any life ins etc....you might want to tell him on the DL how you will handle this and the others need not know... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
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Exactly what my dad did...left me and my one brother to see to things. I guess when the time comes it will be a little uneasy dealing with the situation but he knows we would follow his wishes.
Right, in the will and or estate leave them out----got it---
But so I know we are on the same pafe about this--- Life Insuranse money is a different story. If they were not named, they have no claim to it right?
Technically yes. However, anybody can contest anything. So even if the insurance policy has only you, anyone member of the family can "contest/sue" to have them included. They can say you coerced them, they were mentally incapacitated, etc. They could even go as far as saying that "I talked to mom and she told me she wanted me to have half, but _____ would never get the forms for her to sign."
Having that specifically mentioned as an exclusion in another legal document will give you more data to support your side should it be contested. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
I also ran into clients that did not want their beneficiaries to know that they where the beneficiaries. I simply told them that they might as well give me the premiums ( jokingly of course) because the life insurance company will not contact their beneficiaries if they died. I informed them that someone must be notified or the chances of them not getting anything are high.
Have mom include in her will something along the lines of, 'it is my intent that my 'good kid' also gets all my life insurance, i in no way intend for him to have to share this benefit with his/her siblings' you get the picture. _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
**************************************
Just didn't know if I had any obligation to tell. If she wanted them to receive part of the life ins. she would have named them. They are no help to her now and I don't expect help after she's gone. what they don't know won't hurt them.
