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ccf22p | I have life insurance and put my child as a beneficiary, what happens since she is under 18? |
Her mother and I are not together. Would my child get the money or would she have to be 18? I would not want her mom getting the money at all. My child is 10. |
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Thomas
 |
She must be an adult. The court would appoint someone to oversee the use of and investment of the funds. It would work sort of like a trust until she is an adult. It is called a Custodial account. She could use funds for any useful reason before turning 18 if the trustee agrees - for example a car when she is old enough, or private school if she wanted.
If you have some you trust to oversee such things - put it in your will and the court almost always agrees when it is your assets (including insurance) If you pay child support make sure that you have enough insurance to make up for the loss or your child is the one who suffers.
So if you pay 1,000 a month =12,000 year x 8 years = 96,000 of extra insurance and should be specified for this use in your will. In would add 4 more years to cover college if she stays home in case this is her desire. These funds should be in addition to any you want her to get when she is an adult - age 18 or 21 depending on the state or residence. |
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Insurance Biz CT
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You would name an adult - mother, father, brother, sister, etc. - to be the beneficiary and custodian in the name of your daughter. Int he beneficiary block, enter " In accordance with the Uniform Transfers to Minors Act". This means that the named adult beneficiary is acting on behalf of your minor daughter. |
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bud68
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A trustee would need to be appointed to receive the life insurance benefit. The insurance company will not pay to a minor. Life insurance proceeds are paid to the named beneficiary - not according to a will. |
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Steve S
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You should have a will or trust and sent the money to the trustee until she attains an age that you determine she would make financially sound choices. I can tell you from experience I have seen an 18 year old get a death benefit check and 2 weeks later come and ask if there was any more money. I personally have it set up that my children cant attach to my life insurance until they are 25. I do have a trustee that would provide for there needs in the mean time from those funds. There college and other expense would be covered. Good Luck. |
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Tom Z
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The problem is a minor child cannot receive the funds or property directly. You will need to set up a trust for your child and specify who the trustee will be. If you do not do this a probate court will force the creation of an entity, or account, to receive the proceeds on behalf of the child. You can bet that the court would put the child's mother in charge of the funds.
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Michael M
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You need a will so that you can stipulate who will act as trustee for your child's life insurance money until they get to a certain age. You would essentially name a financial guardian for the money just like you would name a guardian to take care of her. It doesn't have to be the same person. |
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Insurance Pickle.com
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Then you want to name a custodian in the beneficary designation. Otherwise it'll go to court to decide who will be custodian and likely the mother would become the custodian of the funds.
"Susie Smith - daughter (Joe Doe as custodian until 18)"
Use that or some version thereof to save a lot of court time and to make sure your wishes are carried out.
You could certainly do a trust, but those aren't free....this method is. |
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One of Those Women
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Hopefully you also have a Will, that will stipulate that if the child is not 18 years old when you depart, all insurance, estate etc will go into a trust that is governed by a designated executor. So you need to get a will, if that is your wish. |
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