Legal Question in Wills and Trusts in New Jersey

protecting child against surety bond rip offs.

My sister-in-law recently passed away leaving behind a ten year old. She's not married, but had a friendly relationship with the father. Now it's time to collect her life insurance policy, which is in the name of her daughter and mother, how do we protect the daughter against the surety bond rip offs, or can her portion of the policy be placed in a trust, without the unusually high fees that is going to be imposed.


Asked on 7/31/00, 9:41 pm

3 Answers from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

Re: protecting child against surety bond rip offs.

Depending on whether a guardian will be or has been appointed for the child, it may be possible to pay the insurance proceeds to a custodial account under the Uniform Transfers to Minors Act (UTMA account). However, if a guardian has already been appointed or will be appointed, I believe the insurance proceeds will be paid to the guardian.

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Answered on 9/13/00, 9:04 am
Bernard J. Berkowitz Berkowitz & Raiken

Re: protecting child against surety bond rip offs.

First, if no will appointed a guardian for the child, one has to be appointed. Whoever is appointed will probably have to post a bond to cover the assets of the estate to protect the child as to the money. It is important that whoever is seeking custody or gurardianship of the child see an attorney as soon as possible. If an appointment is desired, please call 973-808-2003.

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Answered on 9/13/00, 10:20 am
Steven Tarta Steven Wayne Tarta, Attorney At Law

Re: protecting child against surety bond rip offs.

I would need more information to answer this question. Did your sister leave a will appointing a guardian and/or trustee for the child?

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Answered on 9/13/00, 12:55 pm


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