How do I go about getting financial power of attorney?

UPDATED: Jan 9, 2015

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How do I go about getting financial power of attorney?

My 2 children inherited life insurance from their deceased father. The bank holding the money said that in order to obtain the money I would have to get financial power of attorney for both of the children. If I have full custody of my children then why do I need to do this?

Asked on January 9, 2015 under Estate Planning, Indiana


Christine Socrates / Christine Sabio Socrates, Atty at Law

Answered 8 years ago | Contributor

If the children are minors, then you would need to obtain a guardianship of the estate of your children to collect the life insurance proceeds.  If minors, your children cannot grant you financial power of attorney.  You already have guardianship of the person as their mother, but need to obtain guardianship of their estate.  The law wants to make sure that the proceeds are protected for the children which is why the insurance company will not give you the proceeds directly.  They will want to see an order from the court that you have the authority to collect the money for the.  Once established, the proceeds will be overseen by the court until the children reach age 18.  If you have further questions or need assistance in the matter, I would be happy to assist you.  You can contact my office at the information provided below.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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