Q My minor child was listed as a beneficiary on my parents’ life insurance policy, but the insurance company won’t release the money. What can I do?
Although you are the parent, the insurance company will not release funds to any minor child. You will need to either institute Guardianship proceedings, or have the funds placed in the court registry until your child reaches age 18. At that point, the funds will be given directly to your child.
For more information, read our article, The 1 BIG Problem with Designating a Minor as a Beneficiary.