Beneficiaries of insurance

Beneficiaries of insurance
question

How do I write a beneficiary: wife 94 per cent, My 3 children 6 percent each, per stripe, my sister 6 per cent, per stripe, and my church 6 per cent. If my wife is deceased, then my 3 chiildren to share 94 per cent equally, per stripe; my sister 6 percent, per stripe and my church 6 per cent

answer

Sounds like you're trying to give away more than 100% --- check the percentages. You also should consider leaving shares not percentages. If someone is not alive and their percentages lapse then how is that percentage to be addressed? While its admirable to give your church a percentage, you should really discuss this with an estate planner. Naming a charity as beneficiary might involve reporting to a department in your state, which can create considerable cost and administrative difficulties. While I don't mean to discourage you from giving charity you might be able to accomplish the same result by making a gift while you are alive, or simply giving a note to your heirs asking them to honor your wish to make a gift to the church. If your estate is not taxable there won't be any tax benefit to the bequest. Instead, if you make a moral, but not legally binding request, of your heirs to make a gift to the Church, the heirs will get an income tax charitable contribution deduction.

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