What to do if my son’s father passed away in a motorcyle accident and my son was beneficiary of his life insurance and accident settlement award?

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What to do if my son’s father passed away in a motorcyle accident and my son was beneficiary of his life insurance and accident settlement award?

He left his life insurance in our son’s name and my son won the law suit against the driver. Since we were not married, do I have to go oughthe process of probate court (secure bond and guardianship) or can I just let the courts appoint a probate officer and ask him/her for money if it’s needed? I am financialyl stable so I do not want the money, I want my son to get it when he turns 18.

Asked on April 29, 2014 under Estate Planning, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Since your son is a minor and won the lawsuit against the driver that killed his father, there will be minor's account set up for the proceeds from the lawsuit assuming the driver had insurance that will pay the judgment. If so, with respect to the insurance policy that you have written about you should have the insurance policy proceeds placed in that account.


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