I'm expecting a small windfall from an insurance policy of my deceased father. I'm the estate administrator but in this case I am the named beneficiary of the policy. Other estate proceeds have been properly dispersed. It is my intent to give this to my 63 sister, structured in some kind of small monthly payment. The amount and duration is going to depend upon the windfall, if it is small I may augment it somewhat to create an amount capable of fueling a small income stream.
Should I consider a trust? I'd like it to revert back to me if she passes before I do. If I pass first I'd still like it to continue, or lump sum would be fine at that point too.
What about setting it aside in a new brokerage account of mine? Pretty sure I can set up an automated transfer to her bank account. The account remains mine should she pass. I can name her the beneficiary on that account to cover the event of me passing first.
Thoughts?
Should I consider a trust? I'd like it to revert back to me if she passes before I do. If I pass first I'd still like it to continue, or lump sum would be fine at that point too.
What about setting it aside in a new brokerage account of mine? Pretty sure I can set up an automated transfer to her bank account. The account remains mine should she pass. I can name her the beneficiary on that account to cover the event of me passing first.
Thoughts?
Statistics: Posted by WillyMcG — Tue Jan 16, 2024 4:56 pm — Replies 2 — Views 165