Life Ins Beneficiary is a Minor

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.

I've never used one. Wen I get back to the office ill try and see if anybody here has had to get one.

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

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.

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.

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?

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.

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.

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.