I'm about to enact a Term Life policy next to my wife as sole beneficiary, no contingency. If we both die in like peas in a pod incident (plane wreck, car crash, etc) what happen to the money? Does it automatically go to my estate (where I want it) so the will designates its usage? Or is nearby some way to specifically designate this lower than the contigency beneficiary section to ensure it happen? I have some enormously specific requirements for the money in this instance that cannot be address properly on the insurance forms (thus the will).
Answers: Yes, it goes to your estate. Your WILL cannot influence "pay this guy". Your will distributes any unwanted assets after all your debts are remunerated. So, if you want the money to go to a hard to please person, you own to make them contingency. Otherwise, it will progress to pay rotten: mortgages, cars, credit cards, student loans, final medical expenses (from when they tried to save you), and simply if there's anything left, will the Will come into play, next to how it's distributed.
Sounds like you necessitate to set up a TRUST, and have the contingency be the TRUST. THAT'S how you address the especially specific requirements. Once the money goes to someone, it's theirs, to do next to whatever they want. If you want it spent surrounded by a particular track, you need to set up a trust.
If you die near no beneficiaries, your money will go to your state.
How it is distributed will be something that you call for to talk to your legal representative. But when there are no contingent beneficiaries, and the beneficiaries own passed away, the money will go to your state. You necessitate to designate your estate as the contingent beneficiary. Check with the insurance co. to see if they can accomodate that. You may enjoy to set up a trust.
Answers: Yes, it goes to your estate. Your WILL cannot influence "pay this guy". Your will distributes any unwanted assets after all your debts are remunerated. So, if you want the money to go to a hard to please person, you own to make them contingency. Otherwise, it will progress to pay rotten: mortgages, cars, credit cards, student loans, final medical expenses (from when they tried to save you), and simply if there's anything left, will the Will come into play, next to how it's distributed.
Sounds like you necessitate to set up a TRUST, and have the contingency be the TRUST. THAT'S how you address the especially specific requirements. Once the money goes to someone, it's theirs, to do next to whatever they want. If you want it spent surrounded by a particular track, you need to set up a trust.
If you die near no beneficiaries, your money will go to your state.
How it is distributed will be something that you call for to talk to your legal representative. But when there are no contingent beneficiaries, and the beneficiaries own passed away, the money will go to your state. You necessitate to designate your estate as the contingent beneficiary. Check with the insurance co. to see if they can accomodate that. You may enjoy to set up a trust.