Legal Question in Insurance Law in New Jersey

Who controls the investment of a death insurance annuity that is to be given to

My grandmother passed away and has given my minor son a sum of money. The money is in the form of an insurance annuity. The insurance group stated that since I live in New Jersey and my son is only 3 years old, I must provide a letter of guardianship. I went to the surrogates office for the letter and they stated that the money will be sent directly to them (surrogate--name removed--office) and they will place the money in a local bank in the form of a bond until my son turns 18. Hence, the surrogate--name removed--office has control of the money. I want control so that the money can be invested in an aggressive fund and my son--name removed--earnings can be maximized. Is this possible? If so, what is the procedure? Do I have any other options besides just letting the surrogate--name removed--office control my son--name removed--gift from his Great Grandmother?


Asked on 2/24/05, 3:53 pm

1 Answer from Attorneys
John Ducey Law Offices of John G. Ducey, PC

Re: Who controls the investment of a death insurance annuity that is to be given

You must submit a detailed plan to the surrogate as to where the money will be...usually it must be some type of fund with a long term and not too risky. If you need help or have more questions call me at 732-286-2170.

John Ducey

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Answered on 2/25/05, 11:42 pm


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