Great Scott
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Possibly, if the surviving parent is the trustee. You could set up a trust for the child so the insurance payment would go there and out of the parents reach. See an attorney for this. |
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dizzygrltoo
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You should be able to designate the child's inheritance be held for him or her in trust under whatever guidelines you deem to be fit for the situation. |
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Steven
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This is where the lawyers earn their money. Make a good will and setup a trust that is not controlled by the ex or anyone else that you don't feel will have the best interest of the child in mind. |
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Kris L
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That can happen if that is the way the 'beneficiary' is awarded the proceeds ... but if you don't want that to happen, then have the 'proceeds' of the insurance put into an 'irrevocable trust' until the age (any age over 18, but most people use the age of 25 for 'maturity' reasons) you think your child will be able to 'handle the funds' without the 'guardian' taking and spending it all. |
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CPA/PFS
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You have a lot of guesses on this issue.
The short answer is "Yes". Legally or illegally. The ex is the guardian and as such could petition the courts to approve spending the funds for the child's HMEW (health, maintenance, education, welfare). Likely, the court would approve such a request, depending on it's specifics and the support the ex is providing directly. While it would be illegal for the ex to spend the funds without court approval ... it happens. Often times it is never caught because the child is too young to understand and the ex doesn't tell them.
Now the long answer. If this is any significant amount of money ... you will likely ruin your child. Why? At the ripe old age of 18 ... they will have unfetterred access to the money. Typically, they will forego education ... buy a sportscar ... use alcohol or drugs to numb the pain of adolescence ... and by their early 20's they will be out of money ... uneducated ... and have a substance abuse problem. All because you failed to protect them from it.
The solution is a trust. Typically, a testamentary trust (one created in your Will) that funds their education ... delays the significant distributions until they have matured ... and even then makes it over a 5 or 10 year period. The trustee would have full control of the funds ... but could not legally direct them to themselves. Your "ex" should NOT be the trustee.
I recommend that you use a trust to teach your child the money lessons that you wouldn't be there to teach them. |
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Steph
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No, no one can touch the money but that child in question, and that will be when he or she will turn 18 |
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stump the bump
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If there is no will designating a different trustee, the ex can spend the money however she wants. I know of one case where the mom drained all the kids savings accounts (all the birthday, Xmas, and grandma donations dreamily saved ) |
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aaron p
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Whoever the guardian of the child is has pretty broad control over how that money is spent. That's why you should create a revocable trust to be the beneficiary of your life policy (it only becomes irrevocable at your death) with your kid as the beneficiary of the trust. The trustee (and you can have more than one) has very specific guidelines about what they can spend that money on and if it is unreasonable, they can be sued for violating the interests of the beneficiary of the trust.
Furthermore, this is not Y!Guesses, this is Y!Answers. If you do not know the answer, leave it alone. |
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blueink
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Establish in your will that the money is to be put into trust until the child is 21. Talk to a lawyer on how to safeguard this account so that the ex cannot get legal control of the money. That way the child can receive the money when s/he is old enough to understand it. Establish some form of child support so your ex cannot sue the trust for support.
Remember the bills you owe in life your estate will owe in death. So make certain you have insurance to cover those expenses or your child will be left with nothing anyway. |
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tim2honorgod
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No, hopefully heput it in a trust that only the benificiary can touch. |
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SmartA$$
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you can delegate a trustee (an adult) who will be responsible for managing the money until the child turns 18. The trustee would have the authority to invest the money (in a wise and conservative manor) but it would be fraud if the trustee spent the money. |
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skeever4298
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usually they have to account for any money spent showing it was spent for the child. I think it also has something to do with the way any will was wrote up. |
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bakerssaintsandfriends
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I guess that would depend if your father specified who the childs financial guardian is. She might very well be able to. Talk to the lawyer who helped your father with his will. There might be something you can do.
Good Luck! |
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Fuzzybutt
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No.
It is put in a trust or bank account - untill the child turns 18 |
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deva
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my nephews father spent the kids trust fund on child support; in other words, paid child support with my nephews own money. a lawyer arranged everything, so apparently it was all nice and legal. the money was life insurance i think... anyway it was from his mothers estate. |
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Ask M
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Put it in a Trust Fund so that the child will get it when he turns
18 or 25 or whatever age you want. Otherwise she can spend it. But if the child knows what she spent it on and
keeps a record then they can sue her back when the child
comes of adult age |
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Rita S
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The company cannot legally release that money to anyone but the beneficiary and if they are not older than 18 they hold the money until the bene is of age. |
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imsety
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The minor has to be of age to receiver the proceeds, his mother or guardian cannot spend the money on them self. |
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The Green Roof Guy
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Proceeds will be given in the minor childs name.From there the legal guardian needs to deposit funds to an account in the minors name. Better ask a bank offical on how to protect the minor. |
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Stuart
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The question your asking sounds like this: "Can an adult steal a child's money and spend it?"
The answer is no.
Theft is a crime. |
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TEAM OBAMA...GET IT RIGHT!!!
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It depends on the type of policy that the father had. If his child is the beneficiary and he stated that no one can touch that money until he / she is 18yrs of age than no she can not touch that money. But...she can if she is one of the beneficiary of the same policy and there is no set amount of $ for each of them. It all depends on the policy. |
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charles j
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If that minor is in custody of the ex. its depends on the fine print of the policy |
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kaffegeek
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if the parent or guardian has a record of reckless spending or is an alcoholic or addict, you must take action.
in the case of reckless spending you may sit the parent down in private and inform them of the law, and that you are watching.
the money should be put in a trust earning interest.
then doled out for college only.
then maby downpayment on a house.
then the get the cash when older perhaps 35.
of course the person who set up the policy should have this clear in their will and an attorney set up to take the funds and put it into the trust.
In reality,THE TRUST would be the beneficiary. |
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teenz99
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am sorry but yes she can |
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Jay-d
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its owned by the child |
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shadowsthathunt
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From my understanding she can use some of the money on things that the child needs such as food/clothing/school and thing like that. Necessities that is all. She can not spend it on herself. Unless it is stated in the will that the money is to be held in an account until this child reaches age she will have access to this money for these situations. If the child goes into the hospital for some surgery or emergency she can use some of that money. Now, I could be wrong and I am not a lawyer, but you could get a free consult from a lawyer since these laws are different state to state. Good luck. |
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My Final Answer
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You have to be sure that the beneficiary named is to receive the insurance only at a designated age, like 18 or 21, and to be placed in a trust fund until that time. No other party can claim the policy This information must be placed in the wording of the policy. Insurance people can help or recommend an attorney. |
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mishoney
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how else would the other parent take care of the child you can make a will having her to keep account of all she does to take care of your child make someone executor |
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spoilt
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no the child is the only beneficiary to the mother, so the ex-wife CANNOT touch it.If she does a close relative to the child can help the child to press charges.If my dad ever died and i just happened to be the beneficiary and someone else tried to take it....I'd raise all hell!!! |
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Tom P
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no it will sit in the bank till u r 18, and drop kick that be-atch if she tries to spend ur money |
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r
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That goes specifically to the person who has been granted it. |
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pt33275
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My brother had two sons, in 1998, he was killed in a car crash and from the accident were told trusts were set up for both children that they do not know about and cannot touch until they are 25. My brothers youngest son died 2 yrs ago. My question is will the other brother get his trust or will the mother of the child inherit that money? Thank you for any help |
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