by Insurance Maze » Mon Mar 03, 2008 08:34 pm
Along the same lines as buying life insurance to guarantee that our minor children are cared for, we have people with the responsibility of caring for children or other relatives who are physically or mentally challenged.
What happens to these individuals at our death?
How do we make sure that our life insurance proceeds are used for the sole purpose of caring for these people?
What happens to these individuals at our death?
How do we make sure that our life insurance proceeds are used for the sole purpose of caring for these people?
Posted: Tue Mar 04, 2008 01:06 pm Post Subject:
I don't know maze how would one make sure of that? seriously, you could leave them as beneficiary but without a trust laying out what the proceeds are to go 'for' how would one assure themselves of this third persons care?
Posted: Tue Mar 04, 2008 09:38 pm Post Subject:
Can you write up a legal document stating your wishes? Is that what a trust is. What if you had a life insurance policy and you wanted to alot so much a month to a person or relative to care for your children and then leave the rest in an account for when they turned 18? Is this possible?
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