Hi, I divorced 3 years (separated 4) ago, with one 9yo child, and to my shame haven''t yet got around to revising my will and life insurance arrangements - eek!
However, I''m changing jobs at the end of the month and one of the forms to fill in is the "expression of wish" for their Life Assurance Scheme, so this is thankfully forcing my hand.
Under our financial settlement, I pay child maintenenace (% of net salary) and spousal maintenance (fixed until daughter completes secondary education or spouse re-marries).
Obviously I want my daughter to benefit from any payout, but I don''t like the idea of my ex getting a lump sum, one reason being (without going into details) that in my opinion she''s not "good with money". So I''d like a trustee to dispense the money in monthly installments.
My sister, whom I trust implicitly, would be my choice of trustee. I could just make her the beneficiary and trust her to follow my wishes... or do I need to get what I want to do legally defined?
Has anyone done anything similar? How was it for you?
Thanks, that makes sense - looks like I need to contact my future employer as their form only caters for direct beneficiaries. I want to avoid the nightmare scenario where my ex fights my sister over my estate