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life insurance question

Anonymous
Posted by Anonymous
  • 5 Replies
Say a mother has a child with an ex husband. She puts their child as a beneficiary on her life insurance. If that she dies before the child is 18 do the funds wait until the kid turns 18 to be available or does the ex-husband maintain control of the settlement as he would probably get custody upon the death of the mother?
Posted by Anonymous on Jan. 18, 2013 at 10:44 AM
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Replies (1-5):
Anonymous
by Anonymous 1 - Original Poster on Jan. 18, 2013 at 10:49 AM
Bump
Anonymous
by Anonymous 2 on Jan. 18, 2013 at 10:51 AM
You can set it up either way. Technically, without a different stipulation, it would go into a trust, available on his 18th bday, but your ex, could go with your son at a younger age and withdraw. If you dony want that to happen, make someone else the executor of the trust.
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owl0210
by Emerald Member on Jan. 18, 2013 at 10:52 AM

 I'm the sole beneficiary to my ex-husband's life insurance and he's the sole beneficiary to mine. I don't believe a minor can be a beneficiary but check with your attorney.

Anonymous
by Anonymous 2 on Jan. 18, 2013 at 10:56 AM
A minor can be a beneficiary, but there must then be an executor for the trust. Without an executor, the guardian of the child would automatically become the executor.


Quoting owl0210:

 I'm the sole beneficiary to my ex-husband's life insurance and he's the sole beneficiary to mine. I don't believe a minor can be a beneficiary but check with your attorney.


anitarichman
by Anita on Jan. 18, 2013 at 10:57 AM

 You would need to take the exdh off as beneficiary.  The money will have to be set up in a trust for your child or it can be set up as a monthly payment to the child. The person that sold you the insurance policy will be able to help you with this.

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