Q: Concerns over management of life insurance benefits for minor children.
I am concerned about the management of my late son's life insurance policy benefits. He worked for the federal Department of Defense and did not designate a beneficiary, so the primary beneficiaries are his minor children. His mother was supposed to establish a Thrift Savings Plan to hold the funds until the children reached 18. However, I suspect she unlawfully accessed and squandered the money based on her excessive purchases shortly after his passing 12 years ago. As his parent, and the next beneficiary on the policy, what recourse do I have to open an investigation or request an accounting of the funds?
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A: I doubt you have any legal standing here. And there are probably no causes of actions available. If a crime occurred, the SOL has run for both State and Federal, and that was probably what should have been looked into. If the Policy has already been paid out, then there are not any "next beneficiaries". You might research any Federal Statutes that might apply here, but apparently the guardian that got the monies for the benefit of the Children had the legal ownership of the funds, but held them in a fiduciary capacity for the minors' benefit.
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