My question involves estate proceedings in the state of: Ohio
If I have life insurance and have my daughter as the beneficiary, does that give her Dad access to the money? Would I be able to designate that someone else have access to the money instead of him?
What I would like to do is make sure that my ex does not get access to the money in the form of a lump sum in the event that I die, but rather someone in my family be able to provide him assistance each month, similar to child support, with the balance being used for college or just given to my daughter as an adult. My ex is HORRIBLE with money and any large amount would be blown in just a couple years on STUFF. I also would like my family to be able to use some of the life insurance for a lawyer to attempt to obtain visitation should he object.
What would be the best way to set something like this up?
Thank you for taking the time to respond. :)
If I have life insurance and have my daughter as the beneficiary, does that give her Dad access to the money? Would I be able to designate that someone else have access to the money instead of him?
What I would like to do is make sure that my ex does not get access to the money in the form of a lump sum in the event that I die, but rather someone in my family be able to provide him assistance each month, similar to child support, with the balance being used for college or just given to my daughter as an adult. My ex is HORRIBLE with money and any large amount would be blown in just a couple years on STUFF. I also would like my family to be able to use some of the life insurance for a lawyer to attempt to obtain visitation should he object.
What would be the best way to set something like this up?
Thank you for taking the time to respond. :)
Heirs and Beneficiaries: What Happens if Money is Left to a Minor Child
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