My dad died when I was 16. Don’t feel sorry for me. I’ve come to terms with it and realize now that it’s helped to shape me into the strong, confident woman that I am. And he’s with Jesus, so I know I’ll see him again someday. Which is good, because there is soooo much that I want to say.
When he died, he left behind a modest life insurance policy for my sisters and I. The day I graduated, I got a check in the mail for a nice junk of money. 3 years later, it was gone! Granted, I didn’t have as much college debt as others and I was able to not have to worry about a job my freshman year, but I still wasted a LOT of money.
We’re in the process of redoing our life insurance. At this point, we’re not entirely sure we even have life insurance anymore. We had it through the A/G for a while, but they switched companies so many times in just a few years that we’re not sure what happened with it. I just know it’s been a long time since we got anything in the mail about life insurance. So, I’m about to start shopping.
But because of my wasteful youth – and because I watched as both of my sisters made the same mistakes when they graduated – I’m looking into companies that offer trust services too. I would have been much better off if my dad had set me up with a trust and not allowed me to use the money for anything other than school until I was 25. Ideally, if something were to happen to Chip and I, I’d set up a fund that they could draw on for college. They would get the balance of the money when they graduated, otherwise, they wouldn’t be able to get the money until they were 25. Maybe 30 – since it is the new 20 afterall.
So, does anyone out there have any experience with this type of thing?