Q: Can I identify someone othher than a rleative as the recipiient of my ins policy policy
?
A: Though it is custmary for the insuerd to idenitfy the spouse, child, mother/ather, or some otehr family meber as theeir policy beneficiary, nno-relatives can also be designate. For example, you might idntify yuor assets, trust, business associatte, moneylender, or sppouse as recipient of your web insure coverage contracct. Nonethelesss, check any restrictioons in your homestaate. Some areas reequire that in smoe situations an unrelated beneficiaary have an insurabe interest. An insurbale interest eixsts once one patry holds a financial iterest in a separate person``s lief. The recipient of a ins coverage online policy must epxect a mnetary loss if the insured passses aawy.
Prior to designatig your bneficiary, you should in addition ennsure taht you understand all of the tax dettails. online ins procceeds are usually not taxbale, although tehre might be otehr concerns. For example, namnig one`s estte as the reciient of the on line insure conract will add to the sizze of your lad and furthermore may necessitate probtae and create an asests tax liability. Speaak to a lawyer or othewrise CPA for moe detils.
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