Life Insurance Declaration

What is a Life Insurance Declaration?

A Life Insurance Declaration is a document used to confirm or appoint new beneficiaries of a life insurance policy. By using a separate document, you do not need to provide the insurance company with a copy of the will. 

How do I generate a Life Insurance Declaration? 

1. Add a "Life Insurance (Own Life)" asset to the assets tab. Fill in the "Policy Number" and other informational fields.
2. Choose a scenario. Drag and drop the "Life Insurance (Own Life)" asset to the "Joint/Designated Assets" section. Select a beneficiary and click "Done". 
3. To generate the document, click the downwards arrow button, select Documents and choose Life Insurance Declaration from the list.

What is a trustee for residue clause in the life insurance declaration?

If you want the Life Insurance Declaration to make reference to a trust created in the residue without repeating all the trust provisions, you can select the Trustee(s) for residue option as the selected beneficiary. 

To generate a trustee for residence clause in the Life Insurance Declaration:

1. Add a "Life Insurance (Own Life)" asset to the assets tab. Fill in the "Policy Number" and other informational fields.
2. Choose a scenario. Drag and drop the "Life Insurance (Own Life)" asset to the "Joint/Designated Assets" section. Select the Other tab and choose "Trustee(s) for residue" as the beneficiary and click "Done". 
3. To generate the document, click the downwards arrow button, select Documents and choose Life Insurance Declaration from the list.

How do I create a life insurance trust?

If you want the Life Insurance Declaration to detail a specific trust created for the proceeds of the life insurance, you can select the Trustee(s) For Specific Distribution option as the selected beneficiary. 

To generate a trustee for specific distribution clause in the Life Insurance Declaration:

1. Add a "Life Insurance (Own Life)" asset to the assets tab. Fill in the "Policy Number" and other informational fields.
2. Choose a scenario. Drag and drop the "Life Insurance (Own Life)" asset to the "Joint/Designated Assets" section. Select the Other tab and choose "Trustee(s) for specific distribution" as the beneficiary and click "Done". 
3. Click "+Add Gift", select "Trust" and fill in the details of the trust gift. Click "Save".
4. To generate the document, click the downwards arrow button, select Documents and choose Life Insurance Declaration from the list. 

To edit the trustee for specific distribution gift:

1. Click the pie chart button in the Joint/Designated Assets section.
2. Click on the three dots to edit the gift. Click "Save".