Mulligan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 3, 2009
- Messages
- 9,343
The thread of canceling term life insurance got me thinking, because I will actually be buying some soon for this following situation: My longtime GF will be moving in with me in the coming year or so. If I should unexpectedly kick the bucket after she moves in, I would want her to have my home. It has a mortgage and she could not afford to live in it, if she had to take over payments, so I will purchase some term life insurance, as I would want my other assets passed on to my DD. Besides writing it in the will, how would the process play out for her if I died? I don't have her and do not plan on having her as a co-owner of the home, and of course she is not on the loan note.
How does this all resolve itself if I died? The intent is for the term life insurance to pay off the note, but how does this insure the property becomes hers? Is the will enough to satisfy that? I assume then she would have to write out checks in the short term to cover mortgage payment until insurance settles with her. Anything that needs to be done correctly on my part?
How does this all resolve itself if I died? The intent is for the term life insurance to pay off the note, but how does this insure the property becomes hers? Is the will enough to satisfy that? I assume then she would have to write out checks in the short term to cover mortgage payment until insurance settles with her. Anything that needs to be done correctly on my part?