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Can the surviving parent of a child challenge to control the life insurance money for the child in which there was a named trustee?
Wiki User
∙ 12y ago
That question is worded to lead me to assume that there is a trust in place. The answer then is No. Also assuming two parents, one dies and there is a child of the two. The trust is for the benefit of the child and the trustee must only utilize the money in the child's best interest. This is set up so the owner (prior) of the life insurance policy could see to it that the proceeds of said policy are used only in the child's best interest. For instance, perhaps the child's mother would buy a life policy on herself and the husband is a total bum and would drink and gamble the money away rather than sending his child to college so she would set up the trust in order that her wishes can be controlled beyond the grave. Perhaps her parent is the trustee for the child's money because she knows her Mom or Dad can be trusted but the Bum of a husband can not. 4lifeguild.com
Wiki User
∙ 12y ago
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Can the surviving parent of a child challenge a life insurance policy that names someone else as trustee of their child's life insurance money?
== == Probably not. Maybe there is a reason someone else was named as trustee I think you can challenge it in court. If you can prove that the named beneficiary doesn't have the interest of child at heart. It is worth a try. The correct answer is NO. A life insurance policy is a contract and the contract will uphold in court. The only person who can change the benficiary is the owner or possibly the current trustee if they no longer wished to be trustee. <---Period!
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
Do you have to report a life insurance payout to a Chapter 13 trustee?
Yes. You must report any additional income to the Trustee. If the Trustee or even worse, the US Trustee find out, they can press federal charges against you.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Can a Government Bond Keep a Trust Safe from A Trustee using Moneys?
The trustee would still have control over the government bond and could make changes depending on the type of bond. Also, if a bond reaches maturity it will be paid over to the trustee. Remember that the trustee of a trust holds legal title to and has control over all the assets of a trust.The trustee would still have control over the government bond and could make changes depending on the type of bond. Also, if a bond reaches maturity it will be paid over to the trustee. Remember that the trustee of a trust holds legal title to and has control over all the assets of a trust.The trustee would still have control over the government bond and could make changes depending on the type of bond. Also, if a bond reaches maturity it will be paid over to the trustee. Remember that the trustee of a trust holds legal title to and has control over all the assets of a trust.The trustee would still have control over the government bond and could make changes depending on the type of bond. Also, if a bond reaches maturity it will be paid over to the trustee. Remember that the trustee of a trust holds legal title to and has control over all the assets of a trust.
What is the difference between a trustee colony and a royal colony?
A Royal Colony is when they are under the king control. A Trustee Colony is when they are just workers for the king.
Can a trustee in an irrevocable life insurance trust borrow money from a life insurance?
No to avoid estate tax penalty
What is the difference between and IRA trustee and an IRA Custodian?
Custodian has passive control vs. a trustee who can invest, funds etc.
If I am named the beneficiary of an irrevocable trust do I have any control over any of the assets in the trust?
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
Does the trustee have the right to evict?
A trustee with eviction rights is a complete oxymoron to the essence of what a trust is, and is in total opposition with the purpose and use of liability insurance and its role prevailing civil practices.
Can the trustee of the trust declare the owner of the trust incompetent to no longer control her finances?
No. A trustee has no such authority. That determination must be made by a court of law.No. A trustee has no such authority. That determination must be made by a court of law.No. A trustee has no such authority. That determination must be made by a court of law.No. A trustee has no such authority. That determination must be made by a court of law.
Can you keep a payment from your insurance company if you already put that bill on your bankruptcy or is this illegal?
In most cases the insurance reimbursement will have to be turned over to the BK trustee and included as non-exempt income. The best option is to contact the trustee for instructions on how to handle the situation and to be completely honest about the issue.
