My long time girlfriend and I live together. She has a 3 year old son whom I will adopt someday. We have an 11 month old daughter together.

I own a car and am about to purchase a house. My girlfriend's name is on none of it. I have a life insurance policy through work of 2 years base salary. I do not believe there was a beneficiary listed. I might have listed my father. I have a savings account and a 401k.

In the event of my death what happens to my estate? Do I need a will?

I have no doubt that my father would use any life insurance (and all of his own resources as well) to support my children and loved one... but what about the car and the house?

Am I at the point in my life that I need a good family/estate lawyer? I'm pretty good at a lot of things but this whole growing up thing is new to me. :)

My long time girlfriend and I live together. She has a 3 year old son whom I will adopt someday. We have an 11 month old daughter together.

I own a car and am about to purchase a house. My girlfriend's name is on none of it. I have a life insurance policy through work of 2 years base salary. I do not believe there was a beneficiary listed. I might have listed my father. I have a savings account and a 401k.

In the event of my death what happens to my estate? Do I need a will?

I have no doubt that my father would use any life insurance (and all of his own resources as well) to support my children and loved one... but what about the car and the house?

Am I at the point in my life that I need a good family/estate lawyer? I'm pretty good at a lot of things but this whole growing up thing is new to me. :)



It would go to your next of kin. Assuming you have been declared the father, it would go to your child.

If you adopt your girlfriend's child, then the Will should be re-written.

If you marry, it should be re-written.

If you want to protect your girlfriend in the event of your death, it should be re-written and you should take a look at beneficiary designations.

These are all questions to ask an Attorney - I'm sure your father would be well intended but if your girlfriend met someone else, decided to marry or even live with that person, you'd be surprised how quickly cooperation turns to an all-out "family" feud.

The only way to have your estate pass the way YOU want it to pass is by Will.

Of course, you need a will. In most states, your daughter is your only heir. Since children cannot manage property, your daughter's mother would serve as her guardian. Most likely, 'Mom' would have to qualify in the appropriate court in the child's state and get approval of every expenditure, unless you set up a testamentary trust that grants her those powers.
Check this: Why You Need a Will (http://financialplan.about.com/cs/doityourself/a/WhyYouNeedWill.htm)

Here is where I split off from the others. You might want to look into a living trust. It sounds far more flexible then just a will for your situation. From the trust you can designate how its applied. Lets say the life insurance is a lump sum. And you feel it should last for 2 years then you can apply it to the trust and distribute it over 2 years time. Also should the trust last into your aged years then you can modify it for grandchildren and such. Also most trusts have tax advantages over wills.

Here is where I split off from the others. You might want to look into a living trust. It sounds far more flexible then just a will for your situation. From the trust you can designate how its applied. Lets say the life insurance is a lump sum. And you feel it should last for 2 years then you can apply it to the trust and distribute it over 2 years time. Also should the trust last into your aged years then you can modify it for grandchildren and such. Also most trusts have tax advantages over wills.

So... call the lawyer?

So... call the lawyer?

Yes. This is something you don't want to attempt on your own. Make sure you ask if living trusts is their speciality.

Would making my daughter the beneficiary for my life insurance assure she (her guardian) would have access to it?

I plan on getting the will done, but it might take a bit, but I can assign a beneficiary right now.

Would making my daughter the beneficiary for my life insurance assure she (her guardian) would have access to it?

I plan on getting the will done, but it might take a bit, but I can assign a beneficiary right now.

It may not work that way. You would have to ask a lawyer in your area. In a lot of cases where there is a minor involved then it falls upon next of kin to be executor of the estate and in this case it would be up to them ( Your father mother brother sister ) to handle it and not your daughters mother. How about listing your wife as beneficiary ( hint hint ) because valentines day is coming quick. That way you lagitimize everything and you won't have to worry so much and have to write a few more paragraphs into your will / trust .

Any funds in your 401K and proceeds of your insurance will go to the listed beneficiary. And it will go to them OUTSIDE your estate. Savings accounts should be joint.

If the beneficiary is a minor and there is no will, there may be some issues as to who wilol have control over the funds on your children's behalf.

It may not work that way. You would have to ask a lawyer in your area. In alot of cases where there is a minor involved then it falls upon next of kin to be executor of the estate and in this case it would be up to them ( Your father mother brother sister ) to handle it and not your daughters mother. How about listing your wife as beneficiary ( hint hint ) because valentines day is coming quick. That way you lagitimize everything and you wont have to worry so much and have to write a few more paragraphs into your will / trust .

We're not married yet and won't be until July. Im just looking for an interem solution for that hit by a bus situation.

So here is a follow-up... my girlfriend, who is the mother of my biological and legal child and the mother of my future adopted/step son and I live together. If I make her my beneficiary to my life insurance, could it be contested?

Now mind you, we're talking a VERY unlikely situation as it would entail me, my father, mother and both brothers dying at the same time (my family will support my child, I am positive)... I just like planning and covering all possibilities.

Bottom line... I just want my children and girlfriend/fiance take care of in the event of my death. I know I need a lawyer... but money is tight for a few months and I am looking for a solution on the cheap for a few months.

We're not married yet and wont be until July. Im just looking for an interem solution for that hit by a bus situation.

So here is a followup... my girlfriend, who is the mother of my biological and legal child and the mother of my future adopted/step son and I live together. If I make her my beneficiary to my life insurance, could it be contested?

Now mind you, we're talking a VERY unlikely situation as it would entail me, my father, mother and both brothers dying at the same time (my family will support my child, I am positive)... I just like planning and covering all possibilities.

Bottom line... I just want my children and girlfriend/fiance take care of in the event of my death. I know i need a lawyer... but money is tight for a few months and I am looking for a solution on the cheap for a few months.


The only contest to a life insurance beneficiary designation is undue influence - and I don't see that argument being made OR being successful. Basically you could make me the beneficiary and it wouldn't be questioned. (In fact, I think that's a good idea - make me the beneficiary - :D)

As long as you make the designations, keep an eye on them, make sure they are always current and reflect your plans, you're okay.