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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 29565
Experience:  Attorney with experience in family law.
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I want to avoid my spouse being beneficiary or trustee of my

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I want to avoid my spouse being beneficiary or trustee of my life insurance. Opposing has crafted a modification to the existing draft language below -see proposed modification. Does it address my concern that I not be required to name spouse as either beneficiary or trustee?
Existing Draft Language:
Life Insurance. It is agreed that, as long as both parties are legally obligated to

support any children, each party shall contract for and keep in full force and effect a life

insurance policy with a face value of $150,000.00, with the other party, as trustee for the

children, designated as irrevocable beneficiary. Pursuant to Florida Statute 732.703, each party

shall be required to re-designate the other party as irrevocable beneficiary of their existing term

life insurance, after entry of the Final Judgment of Dissolution of Marriage. Within thirty (30)

days after the insurance policy has been obtained, each party will provide to the other the name

and address of the insurance company, the policy number, and a copy of the insurance policy.

In lieu of designating the other party as trustee for the children, either party may have the

option of designating a professional trustee, however, the face value of the life insurance shall

increase to $175,000.00 to cover the expense of the trustee.

Proposed Revision

In lieu of designating the other party as irrevocable beneficiary for the children, either party may have the option of designating a professional trustee, however, the face value of the life insurance shall increase to $175,000.00 to cover the expense of the trustee.
Hi,

My name is XXXXX XXXXX I'd be happy to answer your questions today.

The proposed revision actually seems more confusing than the original draft. The original requires that the children be designated as irrevocable beneficiaries and the other spouse as trustee. It then allows a professional trustee instead. The revision mentions the spouse as beneficiary - but that's not what the original says.

One way to avoid confusion may be to use the exact language of the original sentence. "In lieu of designating the other party as as trustee for the
children, designated as irrevocable beneficiary..."

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
Customer: replied 3 years ago.

The proposed revision is actually being added to the original language - so we have the original language, and then they want to add the


 


In lieu of designating the other party as irrevocable beneficiary for the children, either party may have the option of designating a professional trustee, however, the face value of the life insurance shall increase to $175,000.00 to cover the expense of the trustee

Then, read together, it's saying that a professional trustee may be designated to replace the former spouse, as both trustee and beneficiary for the children, as long as the insurance is increased to pay for the trustee.
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