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Ranger123 
New Orleans Saints Fan
Wright or Left Depends
Member since May 2010
21 posts
| Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 7:50 am)
Both of my kids are beneficiaries of a life insurance policy. One is a minor. I was informed by the Life Ins Co that a certificate of guardianship is needed from a Judge.
Does anyone have any experience with this? Any help will be appreciated.
Thanks
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rmc 
LSU Fan
Zachary, LA
Member since Sep 2004
21149 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 9:20 am to Ranger123)
I would think it would only be required if the insured died and the children were still minors when they came into the money. Each insurance company has its own rules, but this seems wrong.
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Ranger123
New Orleans Saints Fan
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 10:00 am to rmc)
That is the case, one of my children is still a minor.
I was just wondering if anyone had any experience with this.
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GoCrazyAuburn 
Auburn Fan
Member since Feb 2010
9077 posts
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 11:19 am to Ranger123)
I've never used one. Wen I get back to the office ill try and see if anybody here has had to get one.
This post was edited on 12/12 at 11:23 am
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Janky
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 11:27 am to GoCrazyAuburn)
I have had this happen, but it was done at the time of the claim not policy inception.
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Tigerpaw123 
USA Fan
P'ville
Member since Mar 2007
7568 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 11:53 am to Janky)
quote:
but it was done at the time of the claim not policy inception.
I think that is what is going on, sounds like his son is the beneficiary of a life ins policy, and that person has died and for his son to get paid he needs the letter of guardianship
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Ranger123
New Orleans Saints Fan
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 12:35 pm to Tigerpaw123)
That is correct, it is at the time of claim, not policy inception.
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Janky
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 12:44 pm to Ranger123)
In that case, yes it has happened. Grandmother left money to grandson. Just because his mother thought she was the guardian and court document stating such was required.
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BestBanker
New Orleans Saints Fan
stuck in a moment
Member since Nov 2011
1668 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 12:58 pm to Ranger123)
create a trust that serves as the minor child's beneficiary, and list a trustee to serve your instructions for the minor child's benefit. the trust can be a revocable type trust until it's inacted(at your death), then it becomes irrevocable. problem solved.
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Ranger123
New Orleans Saints Fan
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Member since May 2010
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 1:06 pm to BestBanker)
I should have all the paperwork from the Insurance Co today. I was specifically told that I needed a certified letter of guardianship from the court. Not sure about a trust and how that would affect this.
All I want to do is get my child her money. It is not a lot, but enough to pay for her college.
So if anyone can shed any light on what a certified letter of guardianship actually is and where I can go about getting one, it would be appreciated.
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BestBanker
New Orleans Saints Fan
stuck in a moment
Member since Nov 2011
1668 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 1:15 pm to Ranger123)
as owner of a life insurance policy, you can name anyone as beneficiary. this company is attempting to avoid any potential legal expense if your death occurs and a minor is listed without some sort of representation by an adult?
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sig3197
LSU Fan
Baton Rouge
Member since Dec 2003
88 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 1:21 pm to BestBanker)
It appears as though the unfortunate as already occurred and there is the need for him to prove that he is the guardian of the minor beneficiary.
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Janky
LSU Fan
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 1:25 pm to BestBanker)
Its not his policy. Someone has died and left his minor child money.
Call the clerk of court office. They can probably lead you in the right direction.
Also, I don't think you can put this money in to a trust since it is not your money that is being transferred to the child. As guardian or custodian of these funds you have a fiduciary responsibilty to the child. Later on, if this money is lost due to bad investment the child can sue you for mismanagement of their funds.
This post was edited on 12/12 at 1:27 pm
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Ranger123
New Orleans Saints Fan
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| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 1:32 pm to Janky)
Its not his policy. Someone has died and left his minor child money.
Call the clerk of court office. They can probably lead you in the right direction.
Also, I don't think you can put this money in to a trust since it is not your money that is being transferred to the child. As guardian or custodian of these funds you have a fiduciary responsibilty to the child. Later on, if this money is lost due to bad investment the child can sue you for mismanagement of their funds.
Well that is my first lead, thanks.
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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
21149 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 2:58 pm to Ranger123)
quote:
I should have all the paperwork from the Insurance Co today. I was specifically told that I needed a certified letter of guardianship from the court. Not sure about a trust and how that would affect this.
That makes sense. I understood that you were about to take out a policy and name your child as beneficiary.
In Louisiana, you are looking for letters of tutorship. In other states it would be letters of guardianship. If you want to email me @ rmcdavid at gmail.com, I will be happy to answer questions more specifically. Depending on the amount of the policy, you may be able to get away with a more abbreviated proceeding or no proceeding at all under La. Law. Again, this assumes the minor child is a resident of Louisiana.
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TDsngumbo
LSU Fan
Member since Oct 2011
2001 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 3:27 pm to Ranger123)
(no message)
This post was edited on 12/12 at 3:30 pm
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BestBanker
New Orleans Saints Fan
stuck in a moment
Member since Nov 2011
1668 posts
| re: Life Ins Beneficiary is a Minor (Posted on 12/12/12 at 3:55 pm to Ranger123)
So sorry for my mistake in reading your OP. As others have stated the obvious answer to your question, I bow my head in woeful disgrace...and ban myself from posting on MT for at least a period not to exceed the total number of minutes equal to my total post figure.
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