Spouse?
Kids?
Other?
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Spouse
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Spouse then our child.
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Spouse
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I had my set as my sister...(pre marriage)...and have recently made my husband #1, and sister #2...This is the sister that will ultimately be assigned as the guardian of our kids if god forbid the worst should happen...
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Husband is primary, kids are contingent. If we both pass away all of the kids assets will go into a trust with my brother as trustee.
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DH is the primary beneficiary. I had LO as the contingent beneficiary but then our insurance broker told us she wouldn't be able to access the money until she's 18. So I made my mom the contingent beneficiary so that if DH and I both died she could gain access to the money to care for LO.
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@lawbee11: see, that's what I was wondering..... looks like its better to have an "adult" as the contingent
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@Mamaof2: I think either an adult or a trust is preferable.
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@lawbee11: this is why I leave it as my sister secondary. I was always told to avoid parents just because (as sad as it is) it is less likely they will outlive you. If I didnt have a sibling I could trust I would def have my mom over my LO. I also dont think you want a 16/17/18 year old inheriting that kind of money without oversight!
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Spouse, then my BIL, who will get custody of Evan if both D and I die before he turns 18. Once he turns 18 we'll change it (or maybe after LO2 turns 18? I'm not sure yet).
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@Mrs D: Yeah, I have a brother but he's 5 years younger than me and is single, lives with a roommate, goes out at night often, etc. So for the foreseeable future it'll be my mom as the contingent!
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DH
then if something happens to both of us we have a trust set up for LO. Her guardian will be able to access it to if she needs to. -
DH then DS as the contingent.
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DH and if we both pass my sister. I need to change it now that we have the twins.
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I created a trust for myself when we made our estate plans, and my trust is the beneficiary.
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Spouse ... then my parents (for my kiddo). I actually need to update this, We need to decide on an action plan in case both of us are hurt or die (morbid, but it's a reality) ... We will set everything up for our LO and the people we choose to be her caregivers.
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Spouse is the primary, but if we both die, the money will be put in a trust for our daughter.
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Kids, through a trust.
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DH
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Spouse then trust
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Spouse then H
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Spouse then baby via a trust.
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Currently my mom. She purchased the life insurance for me when I was still in high school. I've been lazy and haven't changed it to DH yet.
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DH and then a trust for DD.
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24 comments