how can i make sure my daughter gets the money form my life insurances?
My daughter is the beneficiary a minor and lives with me full time. I have a fairly large amount of insurance. I was never married to her mother. I wouldn’t put it past her mother to blow the funds.
insurance
I know that when I was a minor my mom had me as her beneficiary but it was stated that my grandma would have the say so if she didn’t think I was putting the money to good use. I would see if you could do that and have someone else besides her mom in charge of the money.
You’d need to establish a trust. The trustee would manage the funds until your daughter is 18.
See a lawyer for details to make sure it’s done in such a way that her mom can’t touch the money.
If she is designated as the beneficiary, then the money will be transferred to her upon your death. If this happens when she is a minor, you will need to either set up a trust for her or designate a custodian to handle the money until she reaches legal age in your state. Call the broker that sold you the policy or contact the insurance company directly.
Then you have the insurance fund a trust, and name someone you DO trust, to be trustee of the trust, to use the money for your daughter’s welfare – or, to just hang onto the money, to not pay your daughter until she’s 21, or 25, or whatever the “Magic” age is that you want your daughter to get the money.
Either name someone you trust as beneficiary (not your daughter) to use the money for your daughter or set up a trust.
Big mistake to name your daughter, anyone the judge names can get the money. Name someone else or set up a trust.