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havik_376 | If I were to die, who gets access to my life insurance benefits, if the beneficiary is a minor? |
I want to make my son the primary benificiary to my life insurance policy, but what if I died when he was only 4 years old? If my sons father (my ex husband) got custody of my son and my son was the only benificiary would my ex husband have access to that money? I want part of that money to be used for my funeral and burial, if my son was only 4 how would he be able to use that money for my funeral, who would have legal rights to say what the money is used for?
I have talked with my insurance company and they said I cannot assign an executor of estate? I live in California and they said if there was no legal guardianship of my son when I die they money is held until my son is a certain age??? Then the money would not be allowed to be used for my funeral???
What is the best thing to do in order to make sure that I have a burial and that my son has money to survive without my ex-husband having access to it? If he got control of that money my son would never see it. |
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mbrcatz
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If you leave the procedes to a minor, exactly in their name, then their guardian, whoever it is, gets access to the funds. So yes, your ex would get access to the money. Worse, if HE then dies, and the child is adopted out, THOSE people get the money.
What you need to do is set up a trust - or leave the money "in trust" to your son, and name a bank or your mother or your cousin or your neighbor as "trustee" for the funds.
You cannot assign an executor via a beneficiary clause in a policy. The executor has to be named in a will.
Your son will not have a lack of legal guardianship for long, if you should kick off. His natural father would get him first, then any other relative that asked for him, or a foster parent, or adoptive parent.
Your funeral will cost, what, $6,000? How much is the policy for? If it's for $10,000, then you're not talking about enough money to matter. If it's for $100,000, leave it all to your son, and don't worry about the funeral - your estate can pay for that, by selling all your assets - your car, your furniture, your computer, etc.
You really need to sit down with a local lawyer to draw things up, but I was in your exact shoes, and left the money to my mother, knowing that she'd bury me, and wouldn't misspend the money. |
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Mariachi
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Assign your parents or someone that you trust to be the benef. if they will use it for the right purpose. You could also get it turned into a trust for him, its called a living will! |
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sarge927
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Here's what you can do: (1) You can have a provision in your last will and testament that all expenses pertaining to your funeral, burial, etc., are to be paid out of your residuary estate without apportionment. What that means is your personal property and effects would be sold, then any debts or claims against your estate would be paid, and after that your funeral and burial expenses would be paid for BEFORE anyone named in your will receives any money or property from your estate. (2) You can also have a provision in your last will and testament to exclude your ex-husband to the fullest extent possible under the law, which means he would get very little -- if anything -- under California law. Now, you need to understand that your last will and testament does NOT affect your insurance policy, so you have to handle that very carefully. (3) Because your ex is the father, there's not much you can do to get around the guardianship issue if your son is the primary beneficiary of your policy -- as your son's legal guardian, he would have full access to the money if you name your son as primary beneficiary. If your biggest concern is the funeral and burial expenses, the easiest thing is to have those expenses taken care of under your last will and testament, and then make other arrangements for your insurance policy, like a trust (you'd need a good attorney to set one up for you -- California law regarding trusts is pretty screwy). |
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norwegianblue
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Most insurance applications ask for a primary and contigent beneficiary. The contigent beneficiary is set up in case the primary benficiary cannot for any reason ( primary is a minor, disabled) take control of the insurance. You need to assign a contigent beneficiary. That is the easiest no cost way to handle the situation. The other would be to consult a lawyer or financial consultant and have a trust set up naming the trust as the beneficiary of your insurance policy. You can then set the terms of the trust. Your best bet would be to consult the agent through whom you purchased the insurance. If you are not satisfied with his answer you as a consumer have the right to change the agent of record on your policy at anytime. |
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waggy_33
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You could assign the policy to a revocable trust that would spell out what the proceeds are to be used for. You could say that anything above what is needed to pay for the burial will be placed in trust for the benefit of your son or other living children. The trustee wold be given discretion to pay the guardians an amount needed to support your son until he reaches the age of majority (18) or at some other age you choose.
The trustee should be someone other than the guardian so that there is someone guarding the money and not just spending without question. |
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Barry T
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I am licensed in Indiana so there may be variations in the law. When a minor is named a beneficiary and the owner dies while the beneficiary is under 18 the money is held in trust for the child.
I would suggest talking with an attorney and looking into a trust established for the benefit of your child. The beneficiary of your policy can be the trust. You determine the provision of the trust.
You would have to ask your attorney but you should be able to take care of you funeral expenses as a provision of the trust.
Again, an attorney could help you with this matter.
Hope this helps. |
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LifeInsuranceAgent
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Visit an attorney to set this up properly. Typically they will set up a will, and maybe a trust. You dictate the terms of the trust and how money is used. That way if you die, the policy proceeds go to the trust, and the money is spent as you intended.
Visit an attorney, it will be money well spent. |
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blb
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Make sure you get a will set up listing someone to be the guardian for your son. I would list whomever you decide as the guardian. Make sure it is someone that you trust and explain to them what you would like done with the money. The money should go to the guardian to help pay for your sons living expenses as he grows up. |
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cliff_occo
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I must emphasis that I am writing from England, so I cannot be 100% certain that what I say will be appropriate under Californian law, but what you ask and what you have already been told (by and large) would be what would happen under English law, so here goes. I think you need to split the insurance policy in two, one, the larger part, for your son as beneficiary, the smaller (estimated at the cost of a funeral) without a beneficiary so it falls into your general estate and is available to pay your funeral expenses.
I think you also need to appoint a guardian of your son - clearly someone you can trust. That is only sensible anyway. If the insurance money can be paid to them, then that solves your problem (Here in England it would not be paid out to an infant, whether or not there was a guardian, until that infant was 18) |
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DREAMY
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On the same form where you put the minor as the beneficiary you MUST assign an adult (and even a back up on some) as primary. For ex: I had my children as beneficiary, but I chose my sister as primary, she will be make the decisions on the kids wanting to use the money for certain things. Be careful of funny companies.... |
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elizabeth_davis28
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whoever his guardian is, if he has no guardian I believe it will go into a trust fund, life is short ,what if your son never live to be an Adult, he need the money if and when you die ,appoint a guardian for your son so he can have the things he need if you die before he is able to care for himself and he won't be a finial
burden on anyone |
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