life insurance problem

[chels89]

What is the name of your state? Maine

When I was 14 my dad died, & the life insurance policy he had through his work for $25,000 was left to me. My mother & I went to the courthouse here & talked to somebody about what I wanted to do with the money, which was put it in a CD until I was 18 so then I could use it for college & a vehicle. There was another meeting with the same person at the courthouse that I never got to go to because of school, so I have no idea what was decided about the money.

Since then, my mother & I have not been on speaking terms, & a few months back my grandmother told me that my mother had put it in a college only account, but then later on she told me that my mother might have it in a bank account (& may be spending it).

I'm turning 18 next month & I have no information about the life insurance policy. My question is, is there any way that I can find out about the life insurance policy & what happened to the money? & is there a possibility that my mother could've spent the money?

Please help!

 

[Dandy Don]

Unless you remember the name of the insurance company, it's not going to do you much good to contact the insurance company since they have already paid out the money. Call the place where he worked and get the name of the insurance company.

If your father had a will that was probated you may want to go to the county courthouse probate court to look at his probate file to see who the executor was and if there are any clues in there about how the money was handled.

Your best bet is to have your grandmother ask your mother about what happened to this money. Hopefully it is still there in the CD account, but don't be surprised if mother has wrongfully cashed it in and spent the money on herself. If that has happened get an attorney to sue her for repayment.

DANDY DON IN OKLAHOMA ([email protected])

 

[Betty]

Yes, there's a possibility your mom could have spent the money. As suggested by Dandy Don, I would ask your grandmother to see if she can find something out from your mother in regard to the money. Have your grandmother tell your mom you will be turning 18 next month & you would like your money. If she spent any/all of it, you might end up having to sue to get the money due you.

 

[chels89]

My big problem is that my grandmother won't talk to me either.

If my mom did spend the money & I sue for it, will I definitely win? Or does stuff like this happen all the time & it's a lost cause because I was under 18 & she can say that she spent it on me?

Thank you both for the help!

 

[Dandy Don]

Yes, there is a strong chance that you will win, IF you can find proof that the money was supposed to have been held in trust for you (such as in the will or getting information from the insurance company).

It does sound like it was supposed to be held in trust and that is why the special arrangements were done at the courthouse or wherever. The financial paperwork will show, depending on how the account was set up, whether the money was held in trust for you or not.

It is still possible that the money is put into another CD, so don't give up so easily. Ask your mother what happened to it and see what she says and if she won't cooperate, then consult an attorney whenever you are able to. Do you intend to go to college and what will your field of study be?

DANDY DON IN OKLAHOMA ([email protected])

 

[chels89]

Yeah, I'm still planning on going to college. I'm going to major in Behavioral Health.