minor children named as beneficiaries

[concerned1977]

What is the name of your state (only U.S. law)? va

My husband and I are writing our own wills (we've done extensive research on this and have most of it all worked out). I just have a question regarding our minor children.

If I name my minor children on the "pay on death" paperwork for a bank account and as the beneficiaries for life insurance policies and IRA benefits (basically the kids get almost everything) would the guardian be able to use some of this money to setup a new account in order to pay for the kids upbringing or would it be solely for the kids (held in trust for them?) until they reach a specific age?

We planned to specify in the will that part of the money was to be put aside for college, but we want to allocate some of the money for the guardian in order to aid in the kids upbringing. Would we have to set additional monies aside (specifically in the guardian's name) or would the guardian be able to "dip" into the IRA, life insurance and bank account money to aid her in paying for the kids expenses (i.e. food, shelter, clothes, etc.)?

Thanks for the advice!

 

[BlondiePB]

What is the name of your state (only U.S. law)? va

My husband and I are writing our own wills (we've done extensive research on this and have most of it all worked out). I just have a question regarding our minor children.

If I name my minor children on the "pay on death" paperwork for a bank account and as the beneficiaries for life insurance policies and IRA benefits (basically the kids get almost everything) would the guardian be able to use some of this money to setup a new account in order to pay for the kids upbringing or would it be solely for the kids (held in trust for them?) until they reach a specific age?

We planned to specify in the will that part of the money was to be put aside for college, but we want to allocate some of the money for the guardian in order to aid in the kids upbringing. Would we have to set additional monies aside (specifically in the guardian's name) or would the guardian be able to "dip" into the IRA, life insurance and bank account money to aid her in paying for the kids expenses (i.e. food, shelter, clothes, etc.)?

Thanks for the advice!

The guardian can obtain a court order to obtain monies for the children's needs. Do not put money intended for your children in anyone's name other than your children's names.

 

[concerned1977]

Thanks.

The guardian can obtain a court order to obtain monies for the children's needs. Do not put money intended for your children in anyone's name other than your children's names.

Thanks for the advice.