Surviving Minor Children

[sbrown77]

What is the name of your state (only U.S. law)? Masachusetts.
My husband and I were in the middle of a divorce when he died this year. He had a significant life insurance policy, with a family member as his agent. Upon separating, he changed the beneficiary from me to our minor children (ages 4 and 6), with his family as the trustees.
I do trust his family is doing the right thing with the money but it's all being invested/saved for my children. With the execption of paying for private school I am not receiving any of it for their care/support.
My question is should some of it be used for the support of our children, especially given their young age and the many years ahead before they are adults?

 

[Antigone*]

What is the name of your state (only U.S. law)? Masachusetts.
My husband and I were in the middle of a divorce when he died this year. He had a significant life insurance policy, with a family member as his agent. Upon separating, he changed the beneficiary from me to our minor children (ages 4 and 6), with his family as the trustees.
I do trust his family is doing the right thing with the money but it's all being invested/saved for my children. With the execption of paying for private school I am not receiving any of it for their care/support.
My question is should some of it be used for the support of our children, especially given their young age and the many years ahead before they are adults?

First of all, I'm sorry for your loss. The trustee has control over how those funds are spent. Have you filed for survivor's benefits through the SSA for your children?

 

[sbrown77]

Yes, I am receiving social security for them. Given the amount of the insurance policy I thought maybe more could be used to help raise them...as we all know, children are expensive and one income is difficult.

 

[Proserpina]

Yes, I am receiving social security for them. Given the amount of the insurance policy I thought maybe more could be used to help raise them...as we all know, children are expensive and one income is difficult.

As Antigone said, the trustee holds the cards.

In fact, depending on the nature of the policy itself it might not even be possible to access the funds early.

 

[Silverplum]

Dad's insurance money is paying for private school, and you are receiving SS benefits for the kids. The rest is up to you.

 

[sbrown77]

Yes, the trust does hold the cards...but I hold the children

 

[Silverplum]

Yes, the trust does hold the cards...but I hold the children

Yes, you're not dead like their father.

 

[Antigone*]

Yes, the trust does hold the cards...but I hold the children

...and they will get their money when the trustee says so.


It is up to you now to support your children.

 

[Proserpina]

Yes, the trust does hold the cards...but I hold the children

..I really hope you don't mean what this seems to imply...

 

[Silverplum]

..I really hope you don't mean what this seems to imply...

Willing to throw 20 on it.

 

[sbrown77]

What in the world does that mean? I meant, they hold the cards but I am supporting the children for the next 12+ years. This was a mistake to even go onto one of these sites. FYI...I've supported my children AND their father for the past 20 years, including paying for our life insurance premiums. I have the answer I was looking for and that's all I need. Thank you.

 

[Antigone*]

What in the world does that mean? I meant, they hold the cards but I am supporting the children for the next 12+ years. This was a mistake to even go onto one of these sites. FYI...I've supported my children AND their father for the past 20 years, including paying for our life insurance premiums. I have the answer I was looking for and that's all I need. Thank you.

If you've supported their father for the past 20 years, then you are ahead of the game because you get their suvivor's benefits.

It looks to me like you're a bit greedy...

You're welcom.

 

[Silverplum]

What in the world does that mean? I meant, they hold the cards

No, they hold the MONEY.

To "hold the cards" means to hold the POWER. You are equating money with power.

but I am supporting the children for the next 12+ years.

Are you bummed about that?

Did you expect to not support your children?

Do you not count the SS money as help? If not, you can send it to charity.

This was a mistake to even go onto one of these sites.

Because you got incorrect legal answers??? Where??

FYI...I've supported my children AND their father for the past 20 years, including paying for our life insurance premiums. I have the answer I was looking for and that's all I need. Thank you.

Naw, you aren't supporting their father any more. And you weren't supporting him when you were getting divorced. So that's a pretty old complaint, isn't it?

The future is here.

 

[ErinGoBragh]

Clearly, the father did not feel as if you should have control over the money... for whatever reason.

So, as was stated, you get nothing unless the trustee says so.

 

[Silverplum]

Clearly, the father did not feel as if you should have control over the money... for whatever reason.

So, as was stated, you get nothing unless the trustee says so.

His reason, no doubt, was the divorce. She has no reason to expect jack from him (divorced and now dead) or from his family.