Q: My minor children are due to receive life insurance from my ex husband. What do I need to file in the state of Michigan
A:
If the proceeds of the life insurance is over $5,000 then the law requires a minors money to be managed through the probate court conservator process. You would have to appointed by the probate court as your children's conservator. You will have to account to the court how much you start with and provide an annual account every year. Depending on what county you may also have to file a bond or restrict the account.
Don L. Rosenberg
Attorney and Counselor
www.brmmlaw.com | rosedr@brmmlaw.com
1301 W. Long Lake Road, Suite 340
Troy, MI 48098
P: 248.641.7070
F: 248.641.7073
Shareholder of law firm recognized as Best Law Firms by U.S. News and World Report
Named as part of the registry of the Best Lawyers in America by U.S. News and World Report
Recognized by National Association of Distinguished Counsel – Nation’s Top One Percent, 2016 - 2021
Recognized by New York Times – Top Attorneys in Michigan (2009-2021)
Rated by Super Lawyers – State of Michigan (2009-2021)
Named Five Star Wealth Manager – Estate Planning by Hour Detroit and dbusiness (2009-2021)
Former Chair of the Elderlaw and Disability Rights Section of the State Bar of Michigan
Former Chairman of the Board of Directors of the Alzheimer’s
Jay D Mukerji agrees with this answer
A:
This depends on the amount of the insurance. Further, if the children are with you in Indiana, it is likely INDIANA law you need to comply with.
I'd urge you to consult with a local attorney familiar with Guardianship / minor beneficiary issues as it may be necessary to open a restricted account or file for a conservatorship (or the Indiana equivalent of that proceeding) to account for the money received.
This is not a DIY kind of thing -- get local legal representation to insure you are doing this right!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
Jay D Mukerji agrees with this answer
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