Life Insurance

[Judi Kay]

My husband put his two children from his first marriage down as his beneficiaries at his employment life coverage.
If anything happens to him, does part of this life insurance automatically go to the spouse or does it all go to his children? What are my options?

 

[I AM ALWAYS LIABLE]

My husband put his two children from his first marriage down as his beneficiaries at his employment life coverage.
If anything happens to him, does part of this life insurance automatically go to the spouse or does it all go to his children? What are my options?

My response:

Assuming your husband dies during his children's minority years, the money earmarked for a minor child(ren) would be paid directly to the Probate court by the insurance company. That court would then order that all moneys for the benefit of the children shall be deposited into a blocked account, under the adminstration of the court. If and when moneys are required for the children, the mother would be required to obtain court permission (orders) for any payout from that account; e.g., monthly child support payments in the appropriate amount, paid directly by the Trustee of that account to the children's mother.

IAAL

 

[Judi Kay]

These "children" are in their late 20's They are grown and have jobs of their own.

Response?

 

[I AM ALWAYS LIABLE]

My response:

. . . and, for some reason, you didn't think that was important enough to tell us in your initial post? What else haven't you told us? I really dislike it when my time is wasted with new facts that would dramatically alter my initial suggestions. Please see a local attorney, and remember to tell him or her everything - - and not hold back.

IAAL