g MAIL TRIBUNS, MsoW, Or.
Mond.y, April II, 18
They'll Do It Every Time
.. By Jimmy Hatlo
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3J5 S.windsor Blvd., wSS,
What Is The Law?
Thll column If prepared as a public sarvica by the
College of Law. Willamette Univeriity, Salem, to
explain basic legal principles, not to provide legal
advice. The reader is cautioned not to apply theia cases
to his own problems without an atlornr. , advice, tor
diifering facts may change the outcome
Insurance Can Be Paid To
Beneficiary In Many Ways
When Ivan decided to take
out a life insurance policy on
his life in order to protect his
wife, Tina, he found
there were a variety of ar
rangements that could be
made relative to payment of
the proceeds of the insurance.
Tina could be named bene
ficiary and, upon Ivan's
death, the policy would pro
vide that Tina could got the
proceeds in a lump sum or
have it paid to her over a
period of years by the insur
ance company. If Tina elected
to have the company keep the
money for her, there were
several alternative methods of
payment that 1 h e could
choose.
Ivan also found out that he
could name a trust company
as beneficiary of the policy.
He would enter Into an agree
ment with the trust company
to use the proceeds of the
policy for the benefit ot Tina
and any children that Ivan
and Tina might have. The
in handling the money for the
beneficiary. Who is the bene
ficial owner of the money?
The instrument creating the
trust can give the company
powers relating to the invest
ing of the proceeds and the
payment of the money to the
beneficiary. If Tina needed
expensive medical attention,
the trustee could be given the
power to pay for it. The in
come that Tina receives will
normally be affected by
economic trends and will
probably increase In case of
inflation.
Offers Flexlbiltiy
As can be seen, the "life
insurance trust" offers flexi
bility and a hedge against in
flation while the "insurance
option" offers more stability
and a means by which all of
the principal of the insurance
proceeds and the income earn
ed on that principal may be
consumed at the death of the
beneficiary. In the case of a
small policy (less than $10,-
000) an insurance trust is
trust company would be In- normally not practical
Tina periodically during her I
lifetime.
Must Consider Factors
In deciding whether to
name Tina or a trust company
i beneficiary Ivan should
consider the following factors.
Most courts have held that an
Insurance company holding
the proceeds of a policy for a
beneficiary la not a trustee.
The company is a debtor of
the beneficiary. Therefore,
the money really belongs to
the insurance company and
the company has the duty to
pay the beneficiary in accord
ance with the terms of the op
tion selected by the bene
ficiary. The amount that the
beneficiary will receive each
year Is normally a fixed
amount that will not be
changed by economic forces.
If a trust company receives
the proceeds a trust is created
and the company must exer
cise reasonabe care and skill
Royal Family Tired
Of Bad Publicity
London-WPD-Wilh only three
weeks to go before Princess
Margaret's wedding, the Royal
family was devoutly hoping
Saturday that the engagement
would run its course without
further surprises or sensa
tions.
Royal circles said the Wind
sors feel there has already
been far too much undesir
able publicity and gossip
mostly in Europe and over
seas and that from here out
the accent should be heavily
on romance.
So Saturday the Princess
and her finance, Antony Armstrong-Jones,
joined the Royal
party at Windsor, where the
gradual process of making
him feel a member of the
family will move another step
forward with his attendance
at the traditional Easter lun
cheon today.
Medford's Finest Meats
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Salem -HIHI- A 16-year-old
Independence boy was killed
Saturday afternoon in the col
lision of a car and motor
scooter on South River road
about one-half mile from the
Independence bridge. The vic
tim, who drove the motor
scooter, was Identified as Don
ald Neil Harter.
Pilots Association
Checking Electras
Washington (IIPD- The presi
dent of the Airline Pilots as
sociation said Saturday the
ALPA Is conducting its own
Investigation of Elcctra air
liners and will refuse to fly
them if it decides they should
be grounded.
. Clarencn Sayen, head of the
ALPA with headquarters in
Chicago, told United Press In
lernationai tne pilots' group
has been "watching the whole
thing closely" since two of the
prop-jet Electras were involv
ed in recent mysterious crash
es.
"We have engineers at Lock
heed plants and inspectors in
all regions of the country,"
Sayen said. "If we decide the
plane should be banned, we'll
do It ourselves by just refus
ing to fly them."
Gamble and Hubby
Arrive in Texas
San Antonio, Tex. - (lipp -
Honeymooning heiress Gam
ble Benedict and Andre Por-
umbeanu arrived In San An
tonio from New Orleans Sat
urday In a rented car and
checked into 1 downtown
hotel.
Porumbeanu told room
clerk Jack Sanders that they
planned to stay in San Anton
lo "for couple of days" In
order to visit some Air Force
friends.
Neither the 19-year-old helr-
, ess to the Remington type
writer fortune nor the 39-year-old
former chauffeur
would say where they planned
: to go from here. 1
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