Life Insurace

Hey hey,
Here is a copy of my life insurance policy. I will be activating this on 1/18.
Jen is the primary beneficiary. If I go before her, she gets all of the money. Jack and Jordan are 50/50 after that. If Jen and I died together, you guys would get the money equally. 
When I die, my hope is that this insurance money ($500,000) will pay off the house, any other loans (car, student loan, etc.) and my going home party. All three of you already are owners of the house so there is no estate issue there – that I know of. 
After those bills are paid for, do whatever you want with what remains.
Right now, the debts are:
1. House 375k (PennyMac mortgage). I am paying $500 extra a month with the hopes of paying the home off in 20 years. At that point, I would suggest that you setup some kind of fund that makes money and use that to pay the insurance, taxes and upkeep on the home over the years. 2. Student loan – 40-50k? (talk to your mother)3. Jeep loan – 52k (Capital One Auto financing)4. $11k for a personal loan (BBVA)
All of these are paying down as we speak. 
So, that leaves about 15-25k for misc. debt, my funeral and whatever partying you guys want to do to celebrate me moving on to heaven, if I die on the 19th of Jan, 2021
Eventually, I will get a will written up, but at least this gives some direction. I do NOT want to be buried. I am all about the fire. This old body will be well-used by then. No need to put it the ground to hang around. Just burn it up and throw the ashes in a river where the trout oink. 
I think the big desire is that the house be paid for and then left in the family, maybe in a trust, but that also can come later. It requires an attorney to draw that up, and I “think” you can’t put it in a trust without it being paid off first. I could be wrong. It needs research. 
I still think that no matter where everyone lives, having a home in CO to vaca to or whatever is pretty cool. This area is going to be a hotbed one day. I know that this house will be worth quite a lot. Be cool for grandkids to enjoy it for generations. 
But, you guys can decide that for yourselves. 
I will have a printed version of this in our safe. It is with the quit claim deed that gives you title to the house. 

John Stein 
(303) 590-5271

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