Not listing husband as beneficiary...

[dair2dv8103100]

I am not planning on listing my future husband as a beneficiary until he is here. Then he will only be a co beneficiary as I have a child from a precious relationship and my priority is to provide for her first if anything where to happen to me. Also, any other life insurance and such has my daughter listed. I believe that since he is an adult he has the capacity to work and take care of himself and my daughter is and should be my priority.

As well, in my fiance's family his sisters have all kept separate accounts and finances even though they are married. This is so they can build their own financial security if anything happens to their husbands...so when I broached the subject with him about a joint account he was little confused as to why we would do that. I agree with this in the sense that I had a previous relationship where my partner was controlling and over bearing and I was left destitute with a baby to care for after I left because he had all financial control.

Thus said...is this really a huge factor in proving a genuine relationship?? Is this not a personal decision that would be based case by case??

Curious if anyone else has similar experience.

 

[michaelab]

I have children from my prev marriage and my ex-husband (the father of the children, he lives with them) is a beneficiary to my life insurance. I told my (current) husband about this openly and he understands (and should if he doesn't) that the money is for my ex-husband to take care of the children. He did the same with his life insurance. I also told my ex that if I die I want him to share some money for my baby with my current husband. I am planning on to buy an additional insurance for our baby but the money is tight right now so we will have to wait.

I think it is case by case and also depending on who is handling the case and their opinions. I seriously don't think that would be the deciding factor of the genuine relationship or not.

 

[AllisonVSC]

dair,

I think your reasoning about the beneficiary designee is sound, but I wonder if your daughter is of an age where she will still need an adult to manage the benefits if something should happen to you. I also agree that having separate accounts can help people (particularly women) gain financial security. When I was married my husband and I maintained separate bank accounts, separate retirement savings, and separate credit cards. We split our common expenses proportionately based on our incomes (he made much more than I did). In my current relationship, we still maintain separate accounts, credit cards etc but to establish our mutual financial interdependence we opened a joint account in addition to our separate accounts and changed our beneficiary. While it may not be a necessity for spousal PR applicants, we felt we needed it for our conjugal partner app. You probably should consider how to combine your financial and legal affairs when you marry. Questions about who will be executor of your estate, who will have power of attorney for making medical decisions, etc are all important aspects to carefully consider, not just for immigration.

Allison

 

[dair2dv8103100]

Thank you both...I have combined my response. I noticed that I made a spelling error and put precious relationship when I meant previous...I am sure you understood this though

Yes Allison you are right, I did not think of it in this manner before since other than my fiance I have only my Mum and daughter as immediate family. I just assumed that if anything happened to me my daughter would fall under the care of her father. As for her father...well he and his family are much more financially secure than myself and I am not really comfortable leaving her father as any sort of executor of my affairs and as much as I love my mother, she is not exactly the most proficient at money management. I did not even think about the fact that I don't have an executor!! haha time to talk to my lawyer... ;D I would rather set up a trust fund for her that is given over a period of time.

Phew...who knew immigration would bring up such holes in personal financial affairs...lol