melissa1277
Junior Member
What is the name of your state? Illinois
The last post got a little out of control and I hope this one doesn't. I just wanted to let you know what I found out:
Because the Father listed my Son (whom is a minor) as his beneficiary to his life insurance policy and didn't state what he wanted done with the money, I , as guardian (Mother) will become the person in charge of what to do with the money. I will be receiving a check for the full amount and will discuss with my financial planner on what the best options for my Son are. Therefore, since the check will be in my name, when I put the money in a trust, I get to decide the age when my Son recieves the money.
I am not sure if this has to do with the fact that my Son's Father lived in Wisconsin. These could be Wisconsin's rules as to what happens with the money. I just thought I would share this information with all of you!
Thank you!
Melissa
The last post got a little out of control and I hope this one doesn't. I just wanted to let you know what I found out:
Because the Father listed my Son (whom is a minor) as his beneficiary to his life insurance policy and didn't state what he wanted done with the money, I , as guardian (Mother) will become the person in charge of what to do with the money. I will be receiving a check for the full amount and will discuss with my financial planner on what the best options for my Son are. Therefore, since the check will be in my name, when I put the money in a trust, I get to decide the age when my Son recieves the money.
I am not sure if this has to do with the fact that my Son's Father lived in Wisconsin. These could be Wisconsin's rules as to what happens with the money. I just thought I would share this information with all of you!
Thank you!
Melissa