Life insurance equity
My son is likely going to declare bankruptcy shortly, and I am worried that a life insurance policy I purchased when he was a teenager to cover burying him if a disaster happened, have paid the last 15 years and that he has never had any control over will have to be declared in the bankruptcy.
The policy has about $2000.00 in equity in it, but that equity is from money I’ve paid into the policy over the years.
Is he required to declare this as the policy is naming him or since he has never paid into it and has no control over it is it not of a concern for the bankruptcy. My son and I are not getting along at the moment due to his money problems, so I can’t trust he will get a proper response for me from his trustee.
This is an issue you should discuss with your trustee. I don’t think it will create a problem, but if anything should happen it would be your trustee who would have to deal with this, so you would be best to get his advice.