The Don Posted 31 August 2006 Posted 31 August 2006 I am no longer with the mother of my child. I have life insurance through my work and I can nominate the beneficiary to whom it is paid. I want my son to be the recipitant of this money if i do die. Am I right in saying that as he is so young, the power of attorney will be my ex partner. How do I make sure that the money is being used correctly for him. I may give it to my mother to be the trustee of the funds but i'm unsure. Anyone have any advice for me cheers Don
Janx Posted 31 August 2006 Posted 31 August 2006 I am no longer with the mother of my child. I have life insurance through my work and I can nominate the beneficiary to whom it is paid. I want my son to be the recipitant of this money if i do die. Am I right in saying that as he is so young, the power of attorney will be my ex partner. How do I make sure that the money is being used correctly for him. I may give it to my mother to be the trustee of the funds but i'm unsure. Anyone have any advice for me cheers Don SPeak to an IFA mate, NOT a bunch of sad Footie fans with feck all better to do than pi55 their lives away on here! Just a small piece of advice... I include myself in that description.
Bloomer Posted 31 August 2006 Posted 31 August 2006 Your nomination is not binding, the Trustees of the fund will take that into account, but they are not bound in law to follow your wishes. Make a proper Will with a Solicitor, have yiour wishes legally recorded and witnessed and appoint a stong friend as Executor of the Will. It will only cost £50-60 quid max. The trustees are bound to pay the money in to your Estate to be disposed of as per your lawful last Will and Testement.
The Don Posted 31 August 2006 Author Posted 31 August 2006 SPeak to an IFA mate, NOT a bunch of sad Footie fans with feck all better to do than pi55 their lives away on here! Just a small piece of advice... I include myself in that description. Cheers, Anyone know of any I can speak to by 4pm tonight? Oh and come to my office as I'm at work and it needs to be in by the end of the day.
The Don Posted 31 August 2006 Author Posted 31 August 2006 Your nomination is not binding, the Trustees of the fund will take that into account, but they are not bound in law to follow your wishes. Make a proper Will with a Solicitor, have yiour wishes legally recorded and witnessed and appoint a stong friend as Executor of the Will. It will only cost £50-60 quid max. The trustees are bound to pay the money in to your Estate to be disposed of as per your lawful last Will and Testement. So basically I could put anyone on the nomination and it wouldn't really matter as long as I've got a W & T
Monk Posted 31 August 2006 Posted 31 August 2006 Cheers, Anyone know of any I can speak to by 4pm tonight? Why? You planning on dying rather soon?
Fleckney Fox Posted 31 August 2006 Posted 31 August 2006 have you got family that you trust will act in your best interest as correct me if i am wrong but you could get one of them to be a trustee for you that is legally binding..
The Don Posted 31 August 2006 Author Posted 31 August 2006 Why? You planning on dying rather soon? Nope, but I can't rule out that I won't. This form needs to be in by the end of the day with other forms I've signed following my TUPE transfer
Head Honcho Posted 31 August 2006 Posted 31 August 2006 I am no longer with the mother of my child. I have life insurance through my work and I can nominate the beneficiary to whom it is paid. I want my son to be the recipitant of this money if i do die. Am I right in saying that as he is so young, the power of attorney will be my ex partner. How do I make sure that the money is being used correctly for him. I may give it to my mother to be the trustee of the funds but i'm unsure. Anyone have any advice for me cheers Don Not sure but doesn't the beneficiary have to be 18 or 21 to receive any money? If this is the case then name your child as the beneficiary and it will automatically be held in trust until they are able to receive the legacy. Don't you have a department in work that can give you all the in's and out's?
golden gordon Posted 31 August 2006 Posted 31 August 2006 I am no longer with the mother of my child. I have life insurance through my work and I can nominate the beneficiary to whom it is paid. I want my son to be the recipitant of this money if i do die. Am I right in saying that as he is so young, the power of attorney will be my ex partner. How do I make sure that the money is being used correctly for him. I may give it to my mother to be the trustee of the funds but i'm unsure. Anyone have any advice for me cheers Don i should try and give as much trust to your ex partner to use the money for the benefit of the child, just ask yourself why would she do anything other than that ( unless you know something of her character that tells you otherwise) the problem with making the money only available to the child when reaching adulthood is that it is a little self defeating in the interests of the child, as the support needed when younger is probably greater than when the child has grown up. if you think the mother in all probability is a fit mother, then i hope you can put aside any ill feeling between the two of you and and trust her to use the money as you would have wished it to be used ie supporting the child when you are no longer able to. hope it all works out well whatever you decide
Bloomer Posted 31 August 2006 Posted 31 August 2006 So basically I could put anyone on the nomination and it wouldn't really matter as long as I've got a W & T The nomination is an 'expression of wish' to be considered by the people who administer the fund, your properly witnessed Will is a legally binding document. Because you are considering a minor you may have to make 'holding arrangements' until they reach a suitable age, in all cases you should consult a solicitor who will ensure your wishes are legally secured. By all means nominate your child for now. The fund administrators will take legal advice before making any payment, a Will makes its straight forward. Your ex may be a smashing person who loves your child dearly, but she may meet someone else who is less comitted and eager to get their hands on a good deal of dosh. Hopefully your demise will be many years hence, a lot can happen! Get it stitched up now, you can always change it later.
The Don Posted 31 August 2006 Author Posted 31 August 2006 The nomination is an 'expression of wish' to be considered by the people who administer the fund, your properly witnessed Will is a legally binding document. Because you are considering a minor you may have to make 'holding arrangements' until they reach a suitable age, in all cases you should consult a solicitor who will ensure your wishes are legally secured. By all means nominate your child for now. The fund administrators will take legal advice before making any payment, a Will makes its straight forward. Your ex may be a smashing person who loves your child dearly, but she may meet someone else who is less comitted and eager to get their hands on a good deal of dosh. Hopefully your demise will be many years hence, a lot can happen! Get it stitched up now, you can always change it later. Cheers - will do
Dr The Singh Posted 31 August 2006 Posted 31 August 2006 I am no longer with the mother of my child. I have life insurance through my work and I can nominate the beneficiary to whom it is paid. I want my son to be the recipitant of this money if i do die. Am I right in saying that as he is so young, the power of attorney will be my ex partner. How do I make sure that the money is being used correctly for him. I may give it to my mother to be the trustee of the funds but i'm unsure. Anyone have any advice for me cheers Don I always take you seriously ....as you are The Don!!!! I think it's wise thinking from you. A guy a know passed away recently, left his wife and boy with ample cash (over half a million), he was 'with' his wife before\after death and both were very happy BUT mismanagment of funds and excessive spending has left the boy, who could have had a financially secure life with one with uncertainties!!! Alot does depend on you previous partner but money does corrupt, in the eg I gave, I would say she was very level headed but soon after the money came rolling in, a new car, new kitchen, eating out, fancy holidays etc. Slowly but surely it ate into the funds. I know my mate would be rolling in his grave knowing that his wife has wasted money, which could have made there childs life alot easier!! Not everyone is the same, you know your partner best, I would suggest speaking to a FA and solicitor, I have a few funds which are only kids name and will mature when there 18\21!!!
cisono Posted 31 August 2006 Posted 31 August 2006 have you got family that you trust will act in your best interest as correct me if i am wrong but you could get one of them to be a trustee for you that is legally binding.. That's the impression I got too
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