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Reply to "Should we increase our life insurance?"
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[quote=Anonymous]Do not ever name someone as beneficiary if you expect that they will use the money for the benefit of someone else. You have NO WAY to ensure that will happen. Even if you trust your sister, let me give an example. You leave a 1M life insurance policy to your sister, intending that she takes care of your child. She drops dead, and guess what-- her ne'er do well husband inherits all of it and tells your kid to pound sad--as he has every right to do. Or, she gets in an accident and is sued and loses it that way. really, there are tons of ways this could go bad. Don't do it. Set up a trust.[/quote]
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