Q: My son inherited his fathers (my ex husbands) life insurance there was no beneficiary
No beneficiary on the life insurance but company deemed my son the rightful recipient because I'm an ex the probate judge made me financial guardian although funds have to be in a restricted account. How can I get the restriction lifted? Possible?
A:
You should hire a lawyer to help you in working with the Probate Court. The restricted account is designed to protect your son from you spending money for inappropriate purposes. Each year you must account to the court down to the penny on where the money was spent. This is a serious responsibility. You are potentially able to utilize some of those funds to assist with care of the child but you need to ask the judge's permission first. It can be somewhat tricky without proper representation.
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