My question involves estate proceedings in the state of: TEXAS
I am the biological mother of 2 minor children ages 2 & 3 yrs old. My husband (their biological father) recently passed away and had a life insurance policy set up through the military. I am a beneficiary of 50% and each of our children are beneficiaries at 25%. The life insurance company requires that I get guardianship through the court for our children in order for them to release any proceeds to the minors. My question is in the state of Texas if I get guardianship over my children does the court have to hold the minor children's life insurance proceeds in a registrar or court account? I am getting conflicting information from a local attorney I consulted with, the Texas dept of Insurance, and the Life insurance company. I just need to know specifically what the Texas law is after I am granted guardianship over my children. Who will receive/control the minor's proceeds myself or Texas court until the children are 18?
I am the biological mother of 2 minor children ages 2 & 3 yrs old. My husband (their biological father) recently passed away and had a life insurance policy set up through the military. I am a beneficiary of 50% and each of our children are beneficiaries at 25%. The life insurance company requires that I get guardianship through the court for our children in order for them to release any proceeds to the minors. My question is in the state of Texas if I get guardianship over my children does the court have to hold the minor children's life insurance proceeds in a registrar or court account? I am getting conflicting information from a local attorney I consulted with, the Texas dept of Insurance, and the Life insurance company. I just need to know specifically what the Texas law is after I am granted guardianship over my children. Who will receive/control the minor's proceeds myself or Texas court until the children are 18?
Heirs and Beneficiaries: Who Controls the Minor Beneficiaries Proceeds
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