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 Posted: Wed Dec 05, 2007 2:16 pm Post subject: Brother's Insurance |
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My youngest brother has a late mental development. He is already 21 years old but still acts like a 15 years old.
Now because I love my brother, I wanted him to get insurance but I would be the one paying the premiums. I guess that is not a problem. But I am thinking, is it possible that I could be his beneficiary when something happens to my brother? God forbid but we have to face reality that life is very uncertain. |
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rjames
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Joined: 05 Dec 2007
Posts: 16
Location: Somewhere Out There
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| Posted: Thu Dec 06, 2007 6:04 am Post subject: floaters |
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Hi rjames,
I firmly believe that there has to be a way out for you. Why don't you opt for one the family-floater packs that are offered these days! I'm sure it would cover both of you & since the carrier would come to know of your brother being dependent on you, hence they would have no problem in identifying you as the beneficiary. Am I right!
Starbull
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Starbull
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| Posted: Thu Dec 06, 2007 7:14 am Post subject: legally engaged |
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Hi all!
I'd like to have this opportunity and throw some light upon some things associated with the query. If you'd like to be a guardian for your brother then you need to be legally engaged into this through a probate court. In that case your brother would be looked upon as the 'ward'. This step would be taken by the probate court only when it establishes one of the following facts-
# The person is a minor (below 18 years).
# The person is mentally ill & has been diagnosed by a qualified physician.
# The person is mentally retarded as has been established by a qualified physician.
Thus, whenever you become the health-care proxy for your brother, you'd be in a position to take medical decisions on his behalf. But you also need to know whether your recognizes such health-care wills for a living person or not.
Thanks,
Crossbreed007
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Crossbreed007
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| Posted: Thu Dec 06, 2007 11:06 am Post subject: |
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| rjames, are you talking about a life insurance policy? That you purchase for your dear brother, pay the premiums and make yourself the beneficiary? If so then yes, I think that is possible, but due to your brothers limitations, I'm not sure that maybe whomever is his guardian of record wouldn't have to 'sign-off' in effect, for you rather than they (the legal guardian) to be the beneficiary. Most times (of course) the insured names his/her beneficiary, which of course in inapplicable in your case. But (now that I think about it) I have life policys on my grown children and getting some on my grandchildren and I and my husband are the beneficiarys....(we also pay all the premiums)...I'm sure additional seasoned life agents will address this soon. |
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Lori
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Location: Missouri
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| Posted: Thu Dec 06, 2007 12:45 pm Post subject: Hows it like being a Supportive guardian!! |
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Hey there!
You'd need to understand one thing truly & that is - if you're to plan the life of a person who is either mentally retarded or disabled, then you need to gather a lot of knowledge on the entitlement laws eg. SSI, Social Security Disability, medical programes, state-governed policies etc.
At the same time, you'd also need to acquire a bit of knowledge on the Tax related guidelines, trust laws, probate processes, guardianship rules etc.
Hence any plan associated with the wellbeing of a retarded or disabled person would need the following:
# to draft an agreement or will
# a resilent attorney
# a living will & associated paperworks
# designation of conservator
# Supporting guardian
This 'Supportive guardian' is the person who is going to take the responsibility of the wellbeing of the mentally retarded family member. So its definitely going to be you in this case. But in doing so you need to be careful about taking the attorney into confidence by disclosing all facts to him right from the very beginning. Hope you don't mind that!
Derrick-flame
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Derrick-flame
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| Posted: Fri Dec 07, 2007 4:28 am Post subject: |
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Sounds like you have alot on your hands and are right to be thinking about putting a policy in place for what you say, god forbid something does happen, you never know.
Looks like you got some really good advice here that will guide you in your decision, goodluck. |
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goodnatured
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lakemen
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