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question iconMy grandmother recently passed away and had a life insurance policy that was left for my son (8) and my daughter (4). They want to roll the money into one of their accounts with a 2% interest rate; however, if the money is invested through Edward Jones, they can get almost 7%. They told me that in order to do that I had to do a guardianship of the estate. They wouldn’t tell me what to do or what that means. One lawyer said that it would cost me $5,000 but the total amount is only 15,000. I’m just trying to figure out what I need to do to get the money from All State.
answer icon

Thanks for contacting us. I'm not sure who you are getting advice from but it seems that there are several options that need to be explored. Is Allstate refusing to deliver to money to your children because they are minors? A guardianship is an option but may be cost prohibitive if the total value of insurance benefit is only $15,000.

The foregoing information is general information only and should not be relied upon to take, or fail to take, legal action. No attorney-client relationship is formed by this information.
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Bill Henry
Estate PlanningJul 28, 2019
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