Bene minors under 18

[TPAAgent]

22 years and never had a client pass that listed either a child or grandchild under 18... Whats the standard procedure for a minor under 18 that is listed as primary upon the death of the insured?

 

[Rirwin]

It'll go to their guardian unless prior arrangements are made to hold the money until they turn 18.

The only exception is if the child is emancipated.

 

[mudhound]

In TN, it is my understanding that the money is held for such minor to their 18th birthday

 

[LostDollar]

From a little superficial searching, it looks like in KS there are two possibilities, the one to be used depending on the amount of money involved.

 

[adjusterjack]

The insurance company is likely to require a court appointed guardian or fiduciary before releasing the death benefit.

Court ordered emancipation could accomplish the same thing.

 

[BIG one]

Depends on your state, some transfer it right into an UTMA, some states get you a state appointed guardian unless one just happened to be appointed by the deceased.

 

[VolAgent]

Mass Mutual allows the insured/owner to designate that a trust be set up for the minor and to designate a trustee. I always thought that was nice, I assume it is still an option.

Otherwise, I have always understood it to be like mudhound said, at least in TN. The money is held in trust by the state until the minor turns 18.