Son Is Beneficiary Of Deceased Father's Life Insurance

[CourtClerk]

Ok... at this point the OP has taken the words of both an insurance agent AND a judge and threw them out the window with basically...

I don't care what the reality is... I'm going to do something different. What exactly is the point in answering any further? Those with the real life experience have already spoken and been discounted... the rest is doing what the OP wants to do (no matter how well intended)... that could be done without posting a question on this board.

 

[seniorjudge]

Ok... at this point the OP has taken the words of both an insurance agent AND a judge and threw them out the window with basically...

I don't care what the reality is... I'm going to do something different. What exactly is the point in answering any further? Those with the real life experience have already spoken and been discounted... the rest is doing what the OP wants to do (no matter how well intended)... that could be done without posting a question on this board.

You're right.

She didn't get the answers she wanted so she went somewhere else.

 

[melissa1277]

Ok... at this point the OP has taken the words of both an insurance agent AND a judge and threw them out the window with basically...

I don't care what the reality is... I'm going to do something different. What exactly is the point in answering any further? Those with the real life experience have already spoken and been discounted... the rest is doing what the OP wants to do (no matter how well intended)... that could be done without posting a question on this board.

I respect EVERYTHING you have all said. I am just nervous about everything.. and if you think I am disregarding the things you are telling me, you are wrong!! The thing is though is that I DO care what reality is and that is why I wish I can change the age limit of when a minor can receive their Trust Fund. In reality, what would most 18 year olds do with a ton of money?? It really could be a recipe for disaster and I know his Father would not want that for him.. as goes for me!! If I can't change the law then I can't change the law.. so be it.. I will just make sure I raise my Son so that he makes the best decisions on what to do with everything!!

 

[seniorjudge]

Start pounding it in his head that he will NOT buy a car (or anything with wheels or anything that floats) and he will NOT buy anything that is electronic when he gets to be 18.

Tell him he WILL buy something that makes money; not costs money.

 

[CourtClerk]

I respect EVERYTHING you have all said. I am just nervous about everything.. and if you think I am disregarding the things you are telling me, you are wrong!! The thing is though is that I DO care what reality is and that is why I wish I can change the age limit of when a minor can receive their Trust Fund. In reality, what would most 18 year olds do with a ton of money?? It really could be a recipe for disaster and I know his Father would not want that for him.. as goes for me!! If I can't change the law then I can't change the law.. so be it.. I will just make sure I raise my Son so that he makes the best decisions on what to do with everything!!

Well.... I inherited a trust when I was 18, and because I respected my parents, I did the responsible thing. The trust came from my grandparents, so my mom and dad were still here. They said don't do it... I didn't do it.

So what did I do? I paid for college. I bought my first home... guess what? Both my parents think they've got a SLEW of great kids... we're all alive and we're all self sufficient. Your problem is that you don't have the trust that you can raise a child that can use his brain... you need to correct that.

 

[CourtClerk]

You're right.

She didn't get the answers she wanted so she went somewhere else.

And most times... when you only follow the advice of people that tell you only what you want to hear, you end up making the decisions that leave your child broke before they can leave themselves broke.

 

[anteater]

What is a variable annuity?? I looked up the meaning, but it was a bunch of legal jargon that I didn't understand. Can you explain it in terms that I can better understand?

Thanks

Just google the phrase "variable annuity." You should find plenty of introductory explanations.

The point is:
There are not many insurance agents that are going to travel 4 hours just to deliver a check. Not unless they smell a potential commission. Do not sign any contracts until you have had time to consider alternatives for the proceeds of the policy.

(Disclaimer: I openly admit a bias. While there are outstanding life insurance agents, on average, I find life insurance agents to be lacking in financial planning knowledge and far too willing to merely parrot whatever the life insurance company marketing materials tell them about life insurance products.)

 

[melissa1277]

Basically, all I came to this forum for was to know what I can expect from the meeting and what I should do about everything. Then it came down to knowing if I can change the age on the Trust.. I got my answer, regardless if I wanted that answer or not. This has blown a bit out of proportion and I wish you all would just relax a bit... The last thing I need right now is negativity, so I am please asking if you can stop... I would really appreciate it!!

 

[CourtClerk]

Lock the thread and don't start another one. You said you got the answer you were looking for already.

That should end it right there.

 

[jas1017]

then whos money is it

It's not your money, for you to make that decision.

does he actually have legal right to say what he wants done with his money ... at 8 years old... if not then WHO makes that decision.... THE MOTHER???

 

[jas1017]

Concerned Mother

i dont understand why everyone is being so harsh to a CONCERNED mother just trying to do the right thing for her grieving 8 year old son.... and it is safe to assume she is greiving also. I do know of trusts set up so that the child doesnt get the money until they turn 21 even 25 however I am not an expert on setting up the trusts and would never claim to be. Melissa hun I think you need to look into it a little more... also .... who knows if these people are really who they claim to be anyway!!! (example: a judge ... this after all the internet and anyone can become anything!) be careful .... and look into it a lil further.... after all i am sure a real judge would say... It is not your decision.

The trust must be executed under the law.

I (as judge) have turned over tons of dough to 18 year old kids....

I don't think any of them have a penny left.

just a lil something to think about.....

 

[moburkes]

does he actually have legal right to say what he wants done with his money ... at 8 years old... if not then WHO makes that decision.... THE MOTHER???

The judge, the owner of the insurance policy, etc.

 

[jas1017]

The judge, the owner of the insurance policy, etc.

ok I understand that however.... the owner of the policy is kinda indisposed at the moment and I assume will be for well a VERY long time.... so with him being DECEASED... everyone in here is telling me that the MOTHER has NO say as to when she thinks HER son should be able to access the money.... it just doesnt make a bit of sense....
I think she is being a VERY responsible mother in stating that she doesnt think that it is a good idea for an 18 year old to come into a LOT of money like that.... and it she isnt saying that her son wont be resposible but just that there is ALWAYS an urge to spend money if you have alot of it at one time..... and that is for ANYONE.... and as for the people

tell your son he will or wont do this or that with it ... hummm he is 18 so that would make him an ADULT to do what he pleases.... right... after all thats what everyone in here is trying to say about him gaining access to the money at 18.....

COME ON PEOPLE MAKE SOME SENSE OF THIS FOR ME.....

 

[moburkes]

I don't know HOW HE NAMED HIS SON THE BENE. A trust may have already been established. Do YOU know how he named the son the bene?

 

[jas1017]

I don't know HOW HE NAMED HIS SON THE BENE. A trust may have already been established. Do YOU know how he named the son the bene?

IT ALSO SHOWS THAT YOU DONT KNOW WHAT THE HELL YOU ARE TALKING ABOUT..... IGNORANCE IS BLISS ISNT IT MOBURKES ... YOUR WORLD MUST BE SO BLISSFUL