How much life insurance should I get for my children? 3 Answers as of April 13, 2012

Will have 7 children , 18,000 life insurance, can I give my insurance to 4 and nothing to 3 or how much do I by law have to give them in the state of florida?

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Law Office of Robert J. Slotkin | Robert J. Slotkin
Unless you are a party to a divorce settlement agreement that obligates you to provide insurance in a certain amount, you have no obligation to provide life insurance in any amount and you may designate as beneficiary any combination of your children you desire.
Answer Applies to: Florida
Replied: 4/13/2012
Lisa L. Hogreve, LC | Lisa L. Hogreve
You may name anyone you choose to be beneficiary of your life insurance policy. Florida law does not dictate how much a child must inherit. However, depending on how your homestead property is titled and whether at death you are survived by a spouse and/or minor children, you are limited in devising that homestead.
Answer Applies to: Florida
Replied: 4/12/2012
The Law Offices of Laurie E. Ohall, P.A.
The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
You can name whomever you like as beneficiary of your life insurance policies. However, if you have a spouse, you should be aware that your spouse could have an elective share right in the net cash surrender value of the policy. Also, minor children should never be made the beneficiary of a policy, especially in the case where they will receive more than $15,000, because then a guardianship will need to be set up (which is time-consuming and costly) and the minor child will be able to access the money as soon as they turn eighteen (I don't know too many 18 year olds who can handle a lump sum of money like that).
Answer Applies to: Florida
Replied: 4/12/2012
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