I am 17 and will be 18 in april. My father was recently killed how will the insurance company deal with my situtation? The company is ING.
Total Comments: 22
Posted: Tue Dec 02, 2008 12:58 pm Post Subject:
First i'm so sorry you lost your dad...
honey, i don't know what you mean by 'how they will deal with your situation'? are you talking about dad's life ins? auto? home? what? start over at the beginning, and be specific with your question, also advise the state you are in.
Posted: Tue Dec 02, 2008 07:35 pm Post Subject:
I also am very sorry to hear of your loss. I hope you will leave some more information here because we all will be very glad to help you in any way we can.
Posted: Wed Dec 03, 2008 04:40 am Post Subject: insurance
Wanna say, ...GOSH...I'm SOOOO sorry. :cry: Wonderful people, on this forum ,to help you out. God Bless You.
Posted: Wed Dec 03, 2008 05:40 am Post Subject:
Guessing that you're inquiring about the life insurance benefits, you're required to find out whether or not your father has a policy on you. You may ask your mother or the family members about the policies. You can read some of the old posts dealing with the same problem.
However, since you are still a minor the insurance company may forward the benefits to the trustee or the guardian appointed on your behalf. The trust is required to deal with the insurance company to release the benefits.
Posted: Wed Dec 03, 2008 11:12 am Post Subject:
Will the trustee be required to hold any money left by either parent until the child turns 18? I guess I always wonder this because you can not always trust a trustee to do what is best for a child involved.
Posted: Thu Dec 04, 2008 04:43 am Post Subject: insurance
I've ALWAYS posted on here....whoever you have as a Trustee/POA, make sure he/she is someone you trust. You never know what can happen.
Posted: Fri Dec 05, 2008 01:00 am Post Subject:
If you're named as the Primary Beneficiary on a life insurance policy the life insurance companies typically will not pay the benefit to a minor but you will be 18 in less than 5 months.
They will probably hold the money in trust for you with interest until you're 18 unless court ordered to disperse the funds sooner.
It would make no sense to pay an attorney for a guardianship proceeding on a 17 year old who will soon be 18 unless, of course, there's things goin' on we don't know?
You need to seek competent financial advice as young persons are generally ill-equipped to handle large sums of money.
Posted: Fri Dec 05, 2008 05:09 am Post Subject: insurance
I know someone who had passed away and DID have a Life Insurance policy written up. The person had 3 children ( now all under 18 years of age). He SPECIFIED the money, he left them, could not be touched until they ALL reached the age of 25 years old. I thougt that was a pretty good idea..........as we ALL know, we're not responsible, toward money ( or anything else for that matter..) when we are 'young.'
Posted: Fri Dec 05, 2008 11:19 am Post Subject:
Money in young peoples hands is like water. There are some who are responsible enough to handle larger sums but not all. I like Garys idea. Finding someone who to give good finacial advice would keep the money a lot safer. I myself would leave any money until 25 if something happened to me. I think your a whole lot wiser by then.
Posted: Fri Dec 05, 2008 01:45 pm Post Subject:
They will probably hold the money in trust for you with interest until you're 18 unless court ordered to disperse the funds sooner.
Under what circumstances would the court disperse funds earlier? Do you have any specific situation in mind?
Posted: Tue Dec 02, 2008 12:58 pm Post Subject:
First i'm so sorry you lost your dad...
honey, i don't know what you mean by 'how they will deal with your situation'? are you talking about dad's life ins? auto? home? what? start over at the beginning, and be specific with your question, also advise the state you are in.
Posted: Tue Dec 02, 2008 07:35 pm Post Subject:
I also am very sorry to hear of your loss. I hope you will leave some more information here because we all will be very glad to help you in any way we can.
Posted: Wed Dec 03, 2008 04:40 am Post Subject: insurance
Wanna say, ...GOSH...I'm SOOOO sorry. :cry: Wonderful people, on this forum ,to help you out. God Bless You.
Posted: Wed Dec 03, 2008 05:40 am Post Subject:
Guessing that you're inquiring about the life insurance benefits, you're required to find out whether or not your father has a policy on you. You may ask your mother or the family members about the policies. You can read some of the old posts dealing with the same problem.
However, since you are still a minor the insurance company may forward the benefits to the trustee or the guardian appointed on your behalf. The trust is required to deal with the insurance company to release the benefits.
Posted: Wed Dec 03, 2008 11:12 am Post Subject:
Will the trustee be required to hold any money left by either parent until the child turns 18? I guess I always wonder this because you can not always trust a trustee to do what is best for a child involved.
Posted: Thu Dec 04, 2008 04:43 am Post Subject: insurance
I've ALWAYS posted on here....whoever you have as a Trustee/POA, make sure he/she is someone you trust. You never know what can happen.
Posted: Fri Dec 05, 2008 01:00 am Post Subject:
If you're named as the Primary Beneficiary on a life insurance policy the life insurance companies typically will not pay the benefit to a minor but you will be 18 in less than 5 months.
They will probably hold the money in trust for you with interest until you're 18 unless court ordered to disperse the funds sooner.
It would make no sense to pay an attorney for a guardianship proceeding on a 17 year old who will soon be 18 unless, of course, there's things goin' on we don't know?
You need to seek competent financial advice as young persons are generally ill-equipped to handle large sums of money.
Posted: Fri Dec 05, 2008 05:09 am Post Subject: insurance
I know someone who had passed away and DID have a Life Insurance policy written up. The person had 3 children ( now all under 18 years of age). He SPECIFIED the money, he left them, could not be touched until they ALL reached the age of 25 years old. I thougt that was a pretty good idea..........as we ALL know, we're not responsible, toward money ( or anything else for that matter..) when we are 'young.'
Posted: Fri Dec 05, 2008 11:19 am Post Subject:
Money in young peoples hands is like water. There are some who are responsible enough to handle larger sums but not all. I like Garys idea. Finding someone who to give good finacial advice would keep the money a lot safer. I myself would leave any money until 25 if something happened to me. I think your a whole lot wiser by then.
Posted: Fri Dec 05, 2008 01:45 pm Post Subject:
They will probably hold the money in trust for you with interest until you're 18 unless court ordered to disperse the funds sooner.
Under what circumstances would the court disperse funds earlier? Do you have any specific situation in mind?
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