If my son is 12 and his father died leaving him $15,000 in life insurance, how can I get the company to release it to me?
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If my son is 12 and his father died leaving him $15,000 in life insurance, how can I get the company to release it to me?
Asked on June 18, 2012 under Insurance Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am sorry for your loss. You should check your state laws. If a minor receives property or money valued at $20,000 or less, many state laws will allow an adult to request the minor’s inheritance to be paid in an account in the minors name under either the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). The insurance company may require that you be appointed as the legal guardian of the child (you are the natural guardian) to act on his behalf and to sign the paperwork. The company should tell you what you need here. Good luck.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The best way to obtain the $15,000 life insurance porcessed for your minor son is to submit a certified copy of your husband's death certificate to the carrier with a request that the check be issued to you as the custodian of your minor son where the check will be placed in a custodial account for him.
Keep a copy of the letter for future use and need.
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