Minor As Beneficiary

[insuranceneeds]

What is the name of your state?undefinedThe state my ex-husband passed in was Wisconsin, we live in Kansas. He named my son as beneficiary. We rec'd a letter from the insurance company saying that they would not release the funds to a minor or to his parent or legal guardian since I am not the beneficiary. However, if I want to go through the lenghty and expensive process to get a one-time court order obtaining guardianship over my son's estate or finances I can do that or let the insurance company keep the money until my son turns 18 years old. Is this the true? Is it a lengthy process? Or is it just a matter or me filling out some papers w/out an attorney? Help me please!!!

 

[Dandy Don]

Talk to any local bank that has a trust department (or to an estate planner or financial planner, certified) and they may be able to help you with this. What you need to do is to get a trust account set up that will hold the money until he reaches a certain age and then it's his. You or the bank could be trustee. A guardianship may not be exactly what is required here. A trust account prevents anyone from accessing the money other than the intended beneficiary at the proper time.

DANDY DON IN OKLAHOMA ([email protected])