Keep ex hands off childrens money

[beckie]

What is the name of your state? Michigan

My boyfried is recently divorced and wants to set up a life insurance policy listing his 2 children as beneficiaries.
What would be the best way so the ex cannot get her hands on the money?

 

[nextwife]

He dies second?

 

[beckie]

nothing can be set up to protect the childrens interest?

 

[nextwife]

He can talk to an estate planning attorney regarding a trust for the kids that they recieve after majority. This would be in addition to any life insurance he is obligated by court order to provide the CP in case of death.

 

[JenniK]

Could he set it up where they don't get the money until they are 18?

 

[nextwife]

AS long as he has provided for their care financially during their minority, then he can have a seperate amount designated for college or post majority. But the court can order money left to them to be used for their care (in lieu of his support) if he fails to leave appropriate funds to replace his CS.