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.
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.