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 Posted: Fri May 29, 2009 9:45 am Post subject: |
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There's not going to be anything difficult. The insurance company, like Gary said, is just going to want to make sure that it's ok to release the money.
You will set up an UTMA account. This is no more difficult than setting up any other bank account or investment account. The insurance proceeds will go in there. As guardian, it will be your responsibility to make sure that the money is spent for your son's benefit. As long as this is how you use it, there will be no issues. |
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InsuranceExpert
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Joined: 05 Apr 2009
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| Posted: Sat May 30, 2009 6:47 am Post subject: |
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Hi bjamm1972,
| Quote: | | i think the guardian ad litem is a good idea though, just so noone can say that i am misusing or abusing my sons money. woulden't you think? |
It surely is a good idea..especially when you have kids as beneficiaries. Just make sure that you're spending it for his benefit and all other things would fall in to place quite naturally.
| Quote: | | alot of times the beneficiary of a life policy will have the check sent directly to the funeral home so they can receive their costs first |
I understand that...but are you gonna experience the same thing? What did the funeral director say?
Steven |
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steven
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| Posted: Sat May 30, 2009 10:59 pm Post subject: |
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| ok well, the funeral director said he had never come across a situation like this. let me say this, yes, i am guardian of my minor child and his estate, but the court will appoint a guardian ad litem to oversee my actios and to approve any withdraw of the money. i think i am right about that? does anyone know? this money is intended for my son a car, college and to invest ...this is his future. hope to let you all know something new soon. thanx |
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bjamm1972
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| Posted: Sat May 30, 2009 11:59 pm Post subject: |
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| Unless the court has reason to believe that you are a bad parent who is going to steal your kid's money, there is no reason why they would appoint a guardian ad litem. |
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InsuranceExpert
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| Posted: Sun May 31, 2009 12:08 pm Post subject: |
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| Quote: | | but the court will appoint a guardian ad litem to oversee my actios and to approve any withdraw of the money. i think i am right about that? does anyone know? this money is intended for my son a car, college and to invest ...this is his future. hope to let you all know something new soon. thanx |
I had a similar situation in my own family...my brother and sister in law were divorced, neither remarried, in fact they were still 'kinda' together...they have two daughters he still had her as beneficary, on a life policy ...the girls (because they were divorced) were his heirs...he had 401k account, owned a home etc...the sister in law got an attorney and was named 'something' that put her in charge of his estate, for the girls...the girls also receive ss benefits...it ended up being around maybe close to 100k in all (not counting the ss payments they get/got till 18 yrs old)..anyway...she doesn't have prove or request any type of permission to use any of this money....in our case, we were all fine with this and had to sign off that we (as sisters, mother and father) were not challenging any of the estate...
I'm sure this is a state to state thing...and I would think a good idea to atleast have one visit with an attorney to make sure you have everything that you need legally to protect your son as heir.
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Lori
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| Posted: Fri Jun 19, 2009 11:22 pm Post subject: Guardian Ad Litem |
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| At 14, I'd think the minor child is of age to agree to a guardian. If mom petitioned the court for appointment on the minor's behalf and the minor agreed to have mom appointed and the judge agreed, isn't the issue resolved? |
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sunshineva
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