Q: My divorced brother passed away and the beneficiaries for his life insurance were his minor children (in GA).....
I understand the court typically assigns the remaining parent as the custodian/manager of the children's life insurance policy. What if you would like to contest this b/c we are extremely concerned that the parent will spend the money left for the children's college and/or future needs (based on previous issues with managing money)? Is there a way to get this money managed by a trust or company so it is managed properly, and the children receive this benefit at 18 years of age versus the mother of the children spending it? It was not a "nice" divorce.
A: Typically in divorce cases, the final divorce decree requires the parties to maintain life insurance policies for the benefit of the minor children if one parent dies while the children are still minors. If that is the case, there is not a way to now alter the beneficiary designation, unless the ex-spouse contributed to his death.
A: You should consult with an attorney who can review the facts of your case in detail and present you with your options. -Homer P. Jordan IV, Esq. 404-620-1558
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