How do I go about getting financial power of attorney?

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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

Answers:

Christine Socrates / Christine Sabio Socrates, Atty at Law

Answered 6 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.


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