[WSBAPT] Life Insurance for Minor Beneficiary

[Nick Pleasants]

Brent,
That is business as usual. The surviving parent is not automatically the child’s conservator for purposes of claiming insurance benefits. I have done lots of minor conservatorships for life insurance of a deceased parent. It’s pretty streamlined so you don’t need a CV Report. Under the old law, I could get the parent appointed simultaneously with filing the Petition. I think it should be similar under the new law, but haven’t filed one since Jan 1, 2022. Sometimes you can get the life insurance company to accept appointment of a custodian under 11.114, sometimes they refuse.
There are some important protections in conservatorship, which depending on the size of the funds, make complete sense. The conservator is going to be required to block the funds in excess of $3,000 or obtain a bond. Absent extenuating circumstances, the money should stay blocked until the child’s 18th birthday. Generally life insurance funds will not be used to pay for minor child’s care because whoever is raising the child can claim the social security benefit for the child. I actually think this works really well because otherwise surviving parent may be tempted to spend it.
Best,
Nick

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: npleasants at ohswlaw.com<mailto:npleasants at ohswlaw.com>

CONFIDENTIALITY NOTE: This e-mail message contains information belonging to the law firm of Oseran Hahn, P.S., which may be privileged, confidential and/or protected from disclosure. The information is intended only for the use of the individual or entity named above. If you think that you have received this message in error, please e-mail the sender. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Tuesday, December 6, 2022 3:07 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Life Insurance for Minor Beneficiary

Listmates -

I have a situation where my Executor has been told by a National Life Insurance carrier that we need “certified guardianship/conservatorship papers for the estate of the minor including Letters of Guardianship/Conservatorship and the supporting Court Order appointing the guardian/conservator.”

I am used to getting an order for custodian transfer under 11.76 and 11.114....but I am curious as to their demand for a guardianship/conservatorship when the surviving spouse is also the biological parent of the minor beneficiary.

Appreciate thoughts and insights.

Brent Williams-Ruth (pronouns: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

Physical Address: 500 S 336th Street, Suite 214; Federal Way, WA 98003

**EFFECTIVE IMMEDIATELY** All mail sent through the USPS should be sent to the following address: PO BOX 3319; Federal Way, WA 98063

Office/Scheduling Phone: (253) 285-7751

Direct: (253) 285-7453

e-mail<mailto:Brent at Williams-RuthLaw.com> / website<http://www.williams-ruthlaw.com/> / facebook<http://www.facebook.com/bwrlaw> /
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20221207/3e8b7aa7/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 10176 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20221207/3e8b7aa7/image001.jpg>