Life Insurance beneficiary?

FallGirl
Tue, 21 Jul 2020 17:08:38 +0000

I would definitely list the children as beneficiaries.

I would also make a will ASAP.

A word about who controls the money while your children are minors or get to be a specific age. Be aware that even a family member or close friend you now trust can act very, very, differently once money is involved. And you might not have the full picture of what is going on with that person. If you need to have a financial guardian please consider a neutral party (i.e. a bank can act as a trustee). It is an absolute nightmare when a close family member who was trusted by the deceased turns out to be dishonest. I am living this now. In addition to considerable amounts of time and money spent on legal fees, the family will end up fractured. It’s a horrible betrayal. I know.