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Probably. Check with the claims department of the insurance company. It would be better if a trust had been set up to receive the benefits on behalf of the minor. The Mother may have to go to court to get authorization to sign for the child. For more info see www.SteveShorr.com/life.htm and www.SteveShorr.com/estate.planning.htm
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If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?
The purchaser of an insurance policy names the beneficiary.
Can you reject an inheritance for your children?
No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.No. If your child is a beneficiary under another person's Will you cannot reject that inheritance on their behalf. The court will see the inheritance is placed in trust for the child.
If a deceased parent has life insurance with a step child as the beneficiary can the biological child with power of attorney be granted insurance monies?
No. The only person that can have that money is the beneficiary on the account. And then whatever is stated in the will. All the POA does is allows the POA to sign on your behalf if your not present or unable to do it because of your health.
What does a beneficiary do with a life insurance check?
In most cases, the beneficiary has no specific responsibility to do something with a life insurance payout. However, you should be careful to retain a portion of it to cover taxes that might result because of the income. Additionally, if the recipient of the proceeds gets it on behalf of another person (for example, a parent on behalf of a child), the recipient has a fiduciary duty to hold/use the funds in trust and for the best interests of the intended beneficiary.
Is a spouse entitled to part of life insurance benefits even if child is named as beneficiary?
The policy is paid to the beneficiary. It should be placed in trust for the child if the child is a minor. If the child is an adult, the proceeds will be sent to the named beneficiary.
Is a parent the beneficiary of their child's life insurance?
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.
Can a widow be paid for unclaimed benefits designed to a child out of wedlock?
No, being a widow has no impact. The beneficiary has already been designated. As a designated beneficiary, the child or the child's legal gaurdian may have a right to receive the benefits on the designated child's behalf. The designation of the child as beneficiary under the policy by the Insured indicates the decedents clear intent that the child should benefit from the policy.
Is the beneficiary of a life insurance policy responsible for back child support of deceased?
No, you are not responsible for their back child support.
Can you have a husband and a child as a beneficiary on a life insurance policy?
Yes, all life insurance companies allow the policy owner to name more than one beneficiary at any time.
Do you have to get insurance on your child if they are living with their mother?
Your child can be covered under both your & the mother's insurance even if he/she doesn't live with you.
Use beneficiary in a sentence?
Kacey is the beneficiary of her mom's life insurance policy since she's the only child, and she is the heir of her mom's house.
If you have a joint custody of a kid you remarried but what if the real dad died can you get some kind of insurance?
You or your child can only get insurance if the real dad was insured and you or your child were listed as the beneficiary.
