Hey ya punk assed kid! smirk!!
We can discuss it more over those beers we have yet to have (my fault - sorry), but here a couple of things to consider.
First a guy your age probably doesn't have much equity built up for yourself (YET!!) so if you put as your beneficiary "estate" that money will go towards all funeral costs, probating of Wills, etc. I am presuming of course that you are not carrying excessive amounts of coverage. Keep in mind that the average funeral costs between $6-16,000 Cdn the average insurance policy held by people in their 20's (unless in a high risk profession or are good financial planners) barely covers those costs.
I think it is great that you are concerned for your parents and family. But as the others have mentioned it is your money and it has been their decision to cut you off. The ultimate decision is yours and there is no obligation on your part to give them anything. Be aware however that should you not have a Will and the Policy is in yourparent's name you will still die intestate (without instructions for your estate). Under such situations an unmarried guy with no kids will have his entire estate turned over to his parents (at least in our Province).
So the rest of my comments are more about options for making your wishes known since we know it is completely up to you how, where and to whom your estate is divided - I'll give you my full legal name for insertion accordingly -
By listing your estate as beneficiary you can then use the remaining amount to be distributed according to your bequests mentioned in your Will. So of course that means if you haven't already done so, write one. Canadian courts have recognized handwritten signed dated Wills to be legal and binding. They don't have to be done by a lawyer but if you feel fights or possible litigation would arise from your estate it is better to get it done professionally.
The other possibility, if you feel you will have the equity to cover funeral costs through other means, list a charity (great tax benefits to your estate as a result) as the beneficiary. If you do so it is a kindness on your part to notify the charity that you have named them so they are aware of it and can follow up as needed to make sure your requests are honoured.
Death can be a 'grave' topic that some people are just dieing to talk about. (Sorry it was getting too serious had to lighten it up a bit.) But it is important to take care of these loose ends before the unthinkable happens. It is better for you and for all left after we go.
I commend you for even thinking about this. As a single person it isn't as pressing but soon as one gets married and especially when they have kids it is somehting that is imperative to get done and update whenever a significant change happens.
Kismet - taking off the paralegal hat and putting the party hat on ready for the weekend!!!
Edited by - Kismet on 25 August 2000 9:32:58