My husband and I (we are separated) have a thirteen year old son. My husband has a life insurance policy through his employer. He was also diagnosed with MAC lung disease which usually has a life expectancy of about five years. My husband says that in the event he passes away while our son is a minor I will be able to administer the money to pay off the house (which I certainly will and he wants me to put the house in our son’s name) and use the remaining funds for our son’s needs (which I will do as well). However I don’t think that will be possible, he named our son his beneficiary with 95% going to him and 5% for his disabled daughter from his first marriage and he took me off the insurance policy. My concern is that I won’t be able to access the funds to pay off the house and to use the rest for our son. He is convinced I will have access to the money just by being his wife. I don’t think that’s accurate because I am not on the policy.
Thanks
Insurance proceeds left to a minor child would likely be held in trust until the minor child reached the age of majority (18 years-old). It is possible for your husband to create a trust for your son which would direct how the insurance proceeds were to be used.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Thank you so much for your answer!