Question about life insurance claim(?)

Lucky Jones

Lucky Jones

Ride on #69
My mother in law passed away in September, both of my kids are listed as beneficiaries for her policy.

We received a letter from the company requesting certain paperwork and copies of documents.

One document they require is "if beneficiary is a minor, provide a certified copy of the guardianship/conservatorship papers for the minor's estate."

My kids aren't orphans, she was their grandmother, so I'm not quite understanding why they want this, but...

Never having ANY experience in this area, my wife calls the company for clarification and was told to get a form for "financial guardianship" from the county offices.

I have been on the CA state website, the San Joaquin (where we live) county website, the Stanislaus (where she passed) county website and the Merced (where she lived) county website. I can't find anything that remotely, to me, seems like what they are requesting.

My Google-fu is weak, my wife is just completely worn out from dealing with losing her mother, and neither of us is thinking too clearly yet, can the barfs help out and direct me with a link or something?

Thanks
 
X

xjoeham

Active member
my condolences, you may want to check out Nolo press for DIY forms. Most public libraries have a selection or 'https://www.nolo.com/'
 
Lucky Jones

Lucky Jones

Ride on #69
Thanks for the suggestions, we are checking them out.

Has anyone directly had to deal with a situation like this, where your children are beneficiaries but not yourself?

All this stuff gets confusing after a while.

Thanks
 
S

Sharxfan

Well-known member
When I was in a car accident many years ago with my daughter and grandkids the insurance paid out a bit of money to the grandkids that were hurt in the car wreck. Because she was a minor my wife had to take a guardian role in the insurance settlement which meant she had to open a savings account for our granddaughter with both their names on it. The insurance company then deposited the money into the account and it can only be withdrawn if my wife gives approval. I think the theory behind this was that a parent being in control of the child's account can drain said account and leave nothing for the minor. So they make a disinterested 3rd party the signatory on the account where the money is so that this does not happen and it acts like a check on the system.

But then again you have to make sure the guardian is someone you trust to not drain the account of your kid's money.
 
RightCoastBias

RightCoastBias

F8TRED
My understanding is that minors can't collect the pay out till they're 18.

I had my daughter listed on my life insurance paperwork and was told by HR the above. So I switched it so that my partner had 100% payout, with my mother as the secondary should we both pass.
 
Lucky Jones

Lucky Jones

Ride on #69
Yes. Both kids are under 18.

My wife was able to talk to someone knowledgeable at the Stockton courthouse.

We now have the correct forms to fill out.

It costs $450 to file them with the court (thanks CA. for adding insult to loss) and everything should be gravy.

My wife is setting up accounts for both kids at a bank and then we can proceed.

Thanks for everyone's input.

dv
 
295566

295566

Numbers McGee
Lucky Jones said:
Yes. Both kids are under 18.

My wife was able to talk to someone knowledgeable at the Stockton courthouse.

We now have the correct forms to fill out.

It costs $450 to file them with the court (thanks CA. for adding insult to loss) and everything should be gravy.

My wife is setting up accounts for both kids at a bank and then we can proceed.

Thanks for everyone's input.

dv
Click to expand...

Glad you got it figured out, hope that solves everything for you and you can be done with this.

My condolences.
 
Yakoo752

Yakoo752

USN
I would talk to a tax attorney before you proceed to determine best method of disbursement to manage your families personal taxes
 
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