Is there a law stating that if a minor was named beneifciary on an insurance policy, that the proceeds need to be paid into a trust?
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Is there a law stating that if a minor was named beneifciary on an insurance policy, that the proceeds need to be paid into a trust?
How do you obtain the policy for that minor?
Asked on September 21, 2012 under Estate Planning, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. The beneficiary is under 18 correct? Yes, then under the law in your state then can not inherit money or property directly. Either the personal representative (executor) of the estate or another authorized person will transfer the assets to a custodian under the Uniform Transfers to Minors Act (UTMA), or the court will appoint a conservator to manage those assets. In either case, the custodianship or conservatorship ends when the child turns 18, and he or she receives the remaining assets outright. Good luck.
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