Question
Georgia;
I'd like to know if I have to file through probate court, a petition to become guardian over property of my child if she is the beneficiary of a life insurance policy from her father. He and I were not married. The policy is for more than $10,000. Also, why would the Insurance Co need anything other than the death certificate. Thanks
Answer
They should only need the Death Certificate. The problem is that he set her up as the beneficiary. If you were not put down to be in control of the life insurance, the state will take it over.
Answer
Ask the insurance company if there is a process to hold the proceeds, at interest, until the minor reaches 18. And ask what the interest options are. SOME companies pay very attractive rates -- far more than Bank CDS, which is what the court would likely require -- and there would be no legal or custodial fees or hassle.
If there was a huge amount of money, only then it might pay to administer it in a diversified portfolio, with a guardian with court supervision, but given what the stock market has done in recent months, the deals the insurance companies offer are relatively attractive.