Legal Question in Insurance Law in New York
I have a 50,0000.00 death benefit insurance policy through my job. I would like to leave the momey to my granddaughter who is 8. what can I do to make sure no one gets the money except her when she's older? The beneficiary form asks me to name a guardian because she is a minor. I don't want to do that because I believe her father and aunts will spend it.
Asked on 11/08/09, 9:35 pm
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
You have to setup a trust, either in your will (called a "testamentary trust," or now while you are alive (called a "living trust"), to accept the proceeds of the life insurance upon your death. You would then select an objective 'trustee' who would be responsible for managing the money and maintaining the trust upon your death.
Good luck.
Rick Bryan, Esq.
New York, NY
Answered on 11/14/09, 11:58 pm
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