New to this side of things and just after advice from those in the know. me and my partner have two solo policies with beagle street for 140k.
weve been told to put them in a trust as we have a little one. but I don’t trust anyone around me to pay my son the money.
basically we both want the life insurance policy money to go to each other to cover the mortgage and also the ability to raise our kid without the need to have to work immediately.
should we both die in a freak accident at same time we want it to just get paid out to our kid who is just 2 year old atm and /or any future kids. should one of us die, then the other partner can take care of it as they will be raising the kid.
if we need a trust for this how do we go about it? I guess if we both die then we wouldn’t mind a portion of the money going to whoever or whichever family member ends up looking after our son however I would want the mortgage clearing for him on our house first.
im completely clueless on this and want to write a will soon as well as sort this life insurance policy so it is paid quickly and easily to my wife and son and vice versa should anything happen.
any links/advic would be much appreciated.