Looking for advice, questions to ask and experience on handling life insurance in a blended family (DH two kids from a previous relationship and 1 child together).
We recently set up policies but I've been thinking about it and I have some confusion/concerns. I am going to talk with the insurance rep again but thought I would pose this here as well.
1) if we both pass, we each picked a different trustee to handle our policies (FIL and my sister). Now would amounts be distributed evenly between beneficiaries or would that be up to the trustee unless specified in a will. DH said to me he would like his split three ways but unless specified I think FIL may favour the older two seeing as how BS would have my whole policy.
2) if only one of us passes the other is named as trustee. So did we essentially leave each other out from receiving anything. If so, what would be a reasonable way to divide that. I would like it that if one passes it goes to the other who is left to look after everything but being put as trustees makes me think this isn't how it works.
Like I said I will be going to the professional but thank you for any advice. And I totally welcome any additional questions that I should be asking.