If I make my son the beneficiary on my life insurance, can my husband also access the money if he survives me?
I am concerned about the possibility that, if I name my husband as the beneficiary, his ex-wife will be able to access MY life insurance money because of a quirky law we have that says he must claim any "significant non-income-producing assests" when they figure his child support obligation. $400,000 in cash sitting in the bank would qualify as a significant asset. This money is intended to secure MY family's financial future should I die, not hers. My hope is that I can leave it all to my son, and have my husband be able to use it to pay the living expenses until he turns 18. Does anyone know if my husband would have any problems accessing the money whenever and for whatever he needed it?8 years ago - 3 answers
Indeed, consult and attorney and tell him/her your wishes and your complete situation. If your son (your desired beneficiary) is under 18 and you die, the court will not allow him to take custody of such a large amount of money. They would appoint someone to oversee these funds (most likely your husband (son's father) but maybe not).
If you take action now while you are alive, then YOU make the decisions NOT a court. You will be able to change these decisions later such as when your son turns 18 or finishes college.
You should seek legal counsel in the state where you live. Normally, an insurance policy where you leave the assets can only be accessed by someone else if they were to contest the award in court. That means that your ex and his wife would have to bring a legal action and challenge the payment. They could not receive any payment by simply approaching the insurance company.by new england - 8 years ago
get to an attorney who can help you. It is possible to set up a trust or will to cover the use of the insurance proceeds so that the proceeds are used as you intended. You can dictate in the agreement how much, when and for what purposes money is to be used in order to keep it out of his direct control and ex-wife's access.by LifeInsuranceAgent - 8 years ago