THE UKRAINIAN NATIONAL ASSOCIATION FORUM (04/10/05)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

INSURANCE MATTERS
by Joseph Hawryluk

Will vs. life insurance beneficiary?

Dear Osyp:

One of our parishioners put our church in his will. His burial was a few months ago, and yesterday I happened to talk to his children and asked about their fatherís bequest. They said that after paying all the bills there was no money left. How can this be?

- Father Danylo

Dear Father Danylo:

This happens all the time! The estate runs out of money paying bills and taxes. Wills are contested by heirs, etc.

As I stated in an earlier column, the best way to guarantee your wish is to buy life insurance policies and name beneficiaries. Upon receipt of the death certificate, the insurance company by law must write the check out to the stated beneficiary. If there are bills to be paid, or maybe "suddenly found" relatives seeking money, etc., oh well! The check is mailed to the beneficiary's address in the beneficiary's name. End of story!

For example, say the parishioner was 62 years of age when he put your church in his will. Depending on the structure of the will, the church may receive the bequeathed amount. On the other hand, if he were to purchase a life insurance policy, for a one-time payment of $4,915, the beneficiary would receive a check for $10,000 upon his death! In most cases this is tax-free to the beneficiary - your church would receive the entire $10,000.

Or, put another way, he would give more than twice as much using a life insurance policy! And his wishes would be followed - unlike taking a chance leaving the money in his will in the estate. After all - it was his money to be given to whom he wanted!

Until next time,
Osyp

Joseph (Osyp in Ukrainian) Hawryluk is an advisor on the UNA General Assembly, chairman of the Buffalo UNA District Committee and secretary of UNA Branch 360. He is also a New York State licensed agent. Readers may reach him at [email protected].

Young UNA'ers

Laryssa Christina Evans, daughter of Ksenia M. and Gregory Evans of Mississauga, Ontario, is a new member of UNA Branch 461. She was enrolled by her grandparents Ihor S. and Christina Diakunchak.
Markian Nychka, son of Dr. Andrew and Renata Nychka of Armonk, N.Y., is a new member of UNA Branch 269. He was enrolled by his parents.
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