Where can I place my assets and life insurance policies for my daughter and partner in the event of my death? 17 Answers as of March 13, 2014

In the event of my death, where should I put my assets and life insurance policies? My situation is that my partner is in federal prison and will owe restitution. I also have a daughter, but in the event that I die I need to make sure my partner is taken care of. Is there a place where it could be protected? Or do I have to place it in a trust for my daughter? Thanks.

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Law Ofices of Edwin K. Niles | Edwin K. Niles
Lots of issues here; you need to have a sit-down with an estate planning lawyer.
Answer Applies to: California
Replied: 3/13/2014
Minor, Bandonis and Haggerty, P.C.
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
I don't think it's a trust for your daughter that you are thinking of; you could leave things to your daughter outright in your will. You might consider a trust for your partner. The term "partner" is not really a sufficient description to think through the planning process.
Answer Applies to: Oregon
Replied: 3/13/2014
Danville Law Group | Scott Jordan
If I understand correctly, you want to make sure your assets and life insurance go to your daughter and your partner. As for life insurance, you can complete a beneficiary designation form and name your daughter as a beneficiary. On your death, the proceeds will go directly to her. If you want to proceeds divided, you will need to have life insurance trust created and the proceeds go into that. Then, for your partner, the trustee will have to discretion as to what your partner gets and how s/he gets it. You will need to consult with an estate planning attorney to set that up so that the monies are protected from your partner's creditors. As to your assets, what kind of assets do you have? What is your asset estate worth? The best way to handle distribution of assets is through a trust. But, you should consult with an estate planning attorney to determine the best options for you. I would be happy to provide a free consultation.
Answer Applies to: California
Replied: 3/13/2014
Coulter's Law
Coulter's Law | Coulter K. Richardson
You are on the right track. It seems like you don't want your partner to circle the drain after getting out of prison, but you also don't want your assets to go exclusively to your partner to the detriment of your daughter. A trust is the best vehicle to accomplish your goals. Make your daughter the beneficiary with a stipend or income to the partner while your partner is alive.
Answer Applies to: New Jersey
Replied: 3/13/2014
Ashcraft & Ashcraft, Ltd.
Ashcraft & Ashcraft, Ltd. | Randall C. Romei
You can create a Living Trust to hold your assets. On your death the assets in the Trust could benefit your partner and your daughter in whatever proportion you deem appropriate. The Trust could have a spendthrift clause that would prevent creditors from executing a judgment against the principal in the Trust. The life insurance death benefit should either go into the Trust for liquidity purposes or go directly to your daughter. If paid to the partner then creditors could execute against the asset once within your partner's control.
Answer Applies to: Illinois
Replied: 3/13/2014
    Law Office of Pamela Braynon | Pamela Y. Braynon
    There is not enough info here to properly answer this question. I suggest you consult an attorney so that the attorney can advise you properly.
    Answer Applies to: Florida
    Replied: 3/13/2014
    Meyer & Yee, LLP | Michael Yee
    The great thing about estate planning is that there are many vehicles in place to allow you to take care of your loved ones after your passing. In your case, I believe you are worried about taking care of both your partner and your daughter, but also if you do give your partner assets, protecting those assets from creditors. For your partner, you could create a spendthrift trust, which would protect creditors from reaching the funds in the trust that is left for the benefit of your partner. For your daughter, I would keep her as a beneficiary for those life insurance policies, and those insurance policies would not have to be placed in the trust. To get a fuller picture of your wishes, it would be good to sit down with an attorney to go over all your assets and how you exactly wish your assets to pass at your death. Many of these consultations are free of charge.
    Answer Applies to: California
    Replied: 3/13/2014
    James Oberholtzer, Attorney at Law
    James Oberholtzer, Attorney at Law | James Oberholtzer
    The best place to put it is into a trust for your child.
    Answer Applies to: Oregon
    Replied: 3/12/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Suggest you seek the services of an estate planning lawyer, particularly for your daughter.
    Answer Applies to: California
    Replied: 3/12/2014
    The Law Office of David L. Leon
    The Law Office of David L. Leon | David L. Leon
    You will need an estate plan. Most likely a will, trust and life insurance.
    Answer Applies to: Texas
    Replied: 3/12/2014
    Estrada Law P.C. | Michele Ungvarsky
    All situations are different. I do not have enough information to make a recommendation. It sounds like a trust might take care of both of your wishes, but, please, talk to an Estate Planning Attorney.
    Answer Applies to: New Mexico
    Replied: 3/13/2014
    Martin Barnes - Attorney at Law
    Martin Barnes - Attorney at Law | Martin Barnes
    Planning for the needs of those you love is commendable. However, there isn't a simple answer to your question. The good news is that with proper planning your goals can be realized. I encourage you to visit with an Indiana attorney.
    Answer Applies to: Indiana
    Replied: 3/12/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    Why not in trust for your partner, with the remainder to your daughter.
    Answer Applies to: Idaho
    Replied: 3/12/2014
    Gates' Law, PLLC | Thomas E. Gates
    Because of the restitution requirement, it would be best to create a Trust for your daughter and partner. The Trust must have a spendthrift provision. Your partner cannot be the Trustee since they are a felon. You can consider identifying a beneficiary for your life insurance, retirement accounts, etc. This will permit those items to avoid probate. But, if your daughter is under 18 yrs at the time of your death, it would have to go into a Trust. And, your partner's benefits must not go directly to them, else it will have to go towards restitution.
    Answer Applies to: Washington
    Replied: 3/12/2014
    Frederick & Frederick PLC | James P Frederick
    A trust is the only thing that really makes sense in your situation. You should have an attorney set this up for you, to make sure that it is done right. Otherwise, your loved ones' inheritance would be at risk.
    Answer Applies to: Michigan
    Replied: 3/12/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    See an attorney, express your desires and all of the circumstances and learn you options, and their advantages and detriments.
    Answer Applies to: Michigan
    Replied: 3/12/2014
    James Law Group
    James Law Group | Christine James
    You need to do a trust. There is no other realistic way to protect your partner long term.
    Answer Applies to: California
    Replied: 3/12/2014
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