When Sydney is born, I was planning on chaning my beneficiary from my brother to her. However, I would love for my brother to be her Godparent and take care of her if anything should happen to me. Is this a smart move to change beneficiaries?

Also, if something DOES happen to me. How do I go about making sure Sydney goes to my brother and not Brent's family whom I have never met? OR does custody automatically go to Brent?

I would suggest you talk to your life insurance agent or an attorney. My understanding is that if a minor is the beneficiary the state will control the distribution of the money until the child is of legal age. I was advised to set up a trust for the benefit of my child and name the person in charge of the trust (your brother maybe) as the beneficiary. Google "minor as beneficiary" and you can read up on it.
I wonder the same thing about custody. I will be interested to see replies to that question.

http://pgafinancial.com/minor.html#single this has some intersting single parent info.

Thanks! If it helps, I will be having sole custody of Sydney. At least that's the plan now. Not sure if it will change or not since Syd's daddy is in the military.

I had a similar situation. I have life insurance set up though my company. My beneficiaries are split. My son and my sister each are listed 50/50. Just in case something weird happens. I was married to my sons father and we have a visitation agreement so I am guessing I have no choice in the fact that if something happens to me. My ex would get custody. Atleast this way my family has money the money to get Maxwell what he needs.the

Here's a thought if you are preparing custody orders..... I have a clause in there stating exactly how life insurance will be distributed and who the beneficiaries are. It overrides any policy beneficiary choice my in-laws or other family members assign if they should be so tacky and purchase life-insurance on my children. I did this after finding out my EX mother in law had purchased two policies on my boys and assigned herself as the beneficiary.

not sure about AZ but in NJ you are not allowed to name a father on the birth certificate if you are unmarried, unless he is physically present and gives the ok. therefore, he would have to establish paternity in order to try to get custody of her.

my will puts everything in faith's name - it is in a trust which is to be managed by my brother as her legal guardian until she is 18. that gives him money to care for her and money for her afterward.

but that is nj, i have no idea what az does.

Well, I know paternity will be established because he is military and I plan to get child support.

Also, I heard a rumor that if you have any remaining debt after you die, it will come out of your life insurance policy. Is this true???

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Also, I heard a rumor that if you have any remaining debt after you die, it will come out of your life insurance policy. Is this true???

I believe they need to file a suit against your estate.

I was pondering the same question for sometime, if something happens to me Stacy would with her mother err grand parents, I don't have a problem with that, the thing is that I don't want my daughters family living the life for free on my house, they've been fighting me over her for almost 2 years now, I think they should be able to support her on their own so Stacy can enjoy whatever she gets from me when she is in a position so enjoy it. I know it sounds a little selfish but if they get, lets say $ 400 a month from my estate all it'll do is them not making the effort to do better, my daughter won't see much of a difference, and once she is older she could have a college fund or get a new Harley, whatever she wants.

Adrian do you have any family? Leave have of it to you daughter now and leave the other half to a family member with specific instructions to put it in a trust fund. Leave a will detailing the stipulations.