|
Hey all, couldn’t find a proper megathread so I’m just making an overarching thread. My girlfriend’s father passed away a little less than a year ago. No one seems to have dealt with a situation like this so we’re a bit confused. A lot of info is also being passed down to us telephone style and for most things, it doesn’t make sense to me. I don’t know where the information is originating from, but more on that later. When he passed, he had a life insurance policy that listed my girlfriend and her brother as *something* that means they have to put it in a trust or through a trust or whatever the proper verbiage is here. Again, this is what i’m being told, so I have no real idea if this is 100% the case. It has something to do with both of them not being listed as individuals. There’s a ton of confusion here mostly because we don’t know the terms or what we should be saying or calling things. It somehow has something to do with the money being taxed or not taxed. The money from the policy was split and they both have checks for the money. However, it’s not as simple as “put it in your savings and be done with it” apparently. Again, lots of regurgitated information so it’s hard for me to be solidified in what’s happening. Most of what we kinda sorta know is coming from some advisor somewhere who is then telling my GF’s mother, who is in turn filling in my GF. Worst part is, GF’s mother has a tendency to either forget key things or explain them poorly until someone corrects her. All in all, i’m asking if anyone has dealt with life insurance policies before, knows what I could be talking about, or has any advice on the best way my girlfriend can go from having this golden check and doing nothing with it to putting it into her own savings or something. Honestly, any help is appreciated and I’ll try and answer any questions the best I can.
|
#
?
Aug 3, 2020 05:36
|
|
|
|
| # ? Apr 18, 2024 08:56 |
|
|
First thing, your girlfriend's father's will has an executor. Find out who that person is. Your girlfriend should deal with that person directly, to start with. She should also read the actual will, and if this is an actually decent amount of money, she should probably retain counsel at minimum to give her advice on what her options are and how to proceed. You should also try not to involve yourself too much because you don't have any kind of legal standing here.
|
|
#
?
Aug 3, 2020 18:38
|
|
|
LODGE NORTH posted:Hey all, couldn’t find a proper megathread so I’m just making an overarching thread. Hey, I came into this thread genuinely interested in helping, but unfortunately (and I am just going to say this bluntly because I recognize it's been almost a month since the OP, so you may never see this post) you missed really all of the keywords that might get me even close to the idea of what you need. I'd listen to the above posted to start, and then come back here with more of a gist of what they are talking about. I can help walk you through anything from there from a financial planning aspect if you need, at least the basics.
|
|
#
?
Aug 31, 2020 00:10
|
|
|
tbp posted:Hey, I came into this thread genuinely interested in helping, but unfortunately (and I am just going to say this bluntly because I recognize it's been almost a month since the OP, so you may never see this post) you missed really all of the keywords that might get me even close to the idea of what you need. Ha, it’s all good. Couldn’t even begin to tell you what ended up happening, but it all worked out. A longtime friend of mine is a divorce lawyer and knew some people who could help us (them) out. They got everything situated between themselves and all’s good now.
|
|
#
?
Aug 31, 2020 01:47
|
|
|
LODGE NORTH posted:Ha, it’s all good. Couldn’t even begin to tell you what ended up happening, but it all worked out. A longtime friend of mine is a divorce lawyer and knew some people who could help us (them) out. They got everything situated between themselves and all’s good now. Nice! Best of luck man
|
|
#
?
Sep 2, 2020 01:30
|
|