What to do if my mother left her life insurance to my son who is only 9 and the insurance company is telling me that I have to have financial guardianship?

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What to do if my mother left her life insurance to my son who is only 9 and the insurance company is telling me that I have to have financial guardianship?

I have full custody of him. Do still have go to court for custody or is there a way around it?

Asked on August 6, 2012 under Estate Planning, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am assuming that you are divorced, correct? Then the insurance company is just protecting him and the themselves here. You may have to go to court to have them release the money to you.  Maybe they would consider releasing the funds to a trust r in to an annuity for his benefit at the age of 18.  I would speak with a lawyer and have them reach out to the insurance company as to what their parameters are here.  Good luck.


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