Life Insurance Question
- Thread starter Cyia
- Start date
What state? There are some generalities, but assuming this is the U.S., state law controls and there may be minor variations.
17? Most likely, by the time the estate is settled, the minor will be 18.
Usually there is a stipulation in the will. If not, state law comes into play.
Usually there is a stipulation in the will. If not, state law comes into play.
Simple answer is it goes into a trust. But as Bagels says, there's significant variation between the states on what would happen. And the amount also plays a big factor here. Ten thousand you might be able to slide, one hundred thousand, no freaking way.
Personally I'd suggest calling your local probate court, as most likely they're who would have jurisdiction.
And probably for a seventeen-year-old, one would think how many days you'd have to stall this for them to reach eighteen, and solve the problem that way.
Best of luck,
Jim Clark-Dawe
Personally I'd suggest calling your local probate court, as most likely they're who would have jurisdiction.
And probably for a seventeen-year-old, one would think how many days you'd have to stall this for them to reach eighteen, and solve the problem that way.
Best of luck,
Jim Clark-Dawe
Thanks for the answers.
I'm wanting to create a bit of (believable) tension between a kid (who's getting a sizable - and surprise - payout) and her guardian, who basically thinks she's entitled to anything that belongs to said kid.
Kid wants to use the money to get out of the house sooner, guardian tries to keep her from being able to claim the money (or actually tries to assert authority over it).
May have to rethink this or make the kid in question a year younger.
(BTW -- any idea how much a payout on an active serviceman would be for someone in the Marine corps?)
I'm wanting to create a bit of (believable) tension between a kid (who's getting a sizable - and surprise - payout) and her guardian, who basically thinks she's entitled to anything that belongs to said kid.
Kid wants to use the money to get out of the house sooner, guardian tries to keep her from being able to claim the money (or actually tries to assert authority over it).
May have to rethink this or make the kid in question a year younger.
(BTW -- any idea how much a payout on an active serviceman would be for someone in the Marine corps?)
If this is a military payout, ignore the above. Call your local recruiter, because they have a procedure for this. You might also look at U.S. Military Death Benefits -- U.S. Military; Military Fails Some Widows Over Benefits; and More about: Military Families & Their Finances
Best of luck,
Jim Clark-Dawe
Best of luck,
Jim Clark-Dawe
Careful with this - if the child is a minor, the child's legal guardian may have limited control over the finances. This could be different with the military, but at least in California with general probate involving minors, there are laws in place to prevent such situations from happening.
I would definitely do a lot of research into this, maybe contact a few attorneys or organizations who deal with probate for members of the military. And see what online resources you can find - you'd be amazed at what free legal resources you can find through a Google search. For basic, just-getting-your-feet-wet information, I like Nolo.
I would definitely do a lot of research into this, maybe contact a few attorneys or organizations who deal with probate for members of the military. And see what online resources you can find - you'd be amazed at what free legal resources you can find through a Google search. For basic, just-getting-your-feet-wet information, I like Nolo.