Court ordered life insurance on DH

[jeniwan]

In my DH's 50/50 order it states that he and his ex both have to carry 100K life insurance policies with the kids as beneficiaries just in case either he or his ex dies before the kids are 18.

Does DH have to put his ex as the executor for the kids since they are minors? Or can he put me down since I have a POA for him?

It would be a lot better if I could be the executor of the policy so we could be sure that the money is actually used for the kids. Knowing his ex, she'd go blow the cash on a new car and wardrobe for herself x(.

Anyone know about this?

Thanks

[wendl]

I would ask soc, but in my opinion dh should put you down as executor of the policy, I don't see why bm would have to be the executor, sounds like the court order just says he must carry 100k in life ins w/ them and the beneficiaries.

[Kitty C.]

Don't know if your state has specific laws regarding it, that you will have to research.

DH carries a specific amount of CO'd life ins. as well, but has named BOTH SS and I as beneficiaries.  What I don't understand is why the need for so much.  If these PBFH's truly knew just how much more fathers are worth dead than alive, there'd be a lot more contract killings and CP's in prison.  DS's dad did not have an extensive work history, but I still get about $650 a month for him in survivor benefits, more than double what I got in CS.  And if DH were to die now, SS would be entitled to almost $1000 a month, more than double his CS also.

[Fobbed-Fodder]

If I was your ex-husband I would set up a custodianship under the UNIFORM TRANSFER TO MINORS ACT, and I certainly would not place my EX or current wife in charge of the monies.

The custodian should be someone that your ex-husband trusts impeccably like a life long amigo or younger brother or sister. Not someone who cares for the child on a regular basis.

He may have already done this in his will? Or at the time of originating the policy?
You could ask.

Check your state laws regarding UNIFORM TRANSFER TO MINORS ACT, as all states should have them, Get educated and learn what you can and make the recommendation to your ex to set one up, in most cases these custodianships avoid probate making the denaro readily available upon death.

Good luck

[rainbow1]

My husband was ordered to keep a life insurance policy on himself for the benefit of the minor child in the event of his death. No mention was made of who must be in control of the money if this happened, so our attorney set it up so that the insurance money would go into a trust fund designated for college education, extra-ordinary medical expenses, and COBRA payments to continue health insurance on the child only. He designated myself and a close friend of our family to be co-guardians of the trust and child. If the child requires any money from account the BM or child(if over 18) must submit a request to us with proof and an explanation which we may accept or decline. If accepted we pay the money directly to the billing party with the stipulation that if the transaction is cancelled that any refund goes back into the trust and may not be refunded to the child or mother(If we ok'd payment of college tuition neither could cancel and get the cash). The balance of the trust is to be paid to the child only upon proof of graduation from an accredited 4 year college or her 30th birthday, whichever comes first.                                                                                                    As long as the court order does not specify a guardian or method of distribution you're better off setting up your own safeguards. Let the Ex find out the hard way that she can't steal from her own children. Keep a copy to show the Judge if it ever comes up. Show him you were thinking of the child's best interest and it's already taken care of.