Beneficiaries

[bvpshenvalley2 1]

Ok, I just got a new job and I am perusing over all of my benefit forms. My spouse is still in his home country (although he should be here in a few months) and I have a child.

I want to designate my spouse as the beneficiary on my life insurance. The problem is that they need a valid SS#. When he arrives here, he will have one, but until that he doesn't.

I don't want to designate another relative as I feel that my spouse is the best one to receive the benefits and I don't exactly get along with most of my family. I also don't want to designate my daughter as I am afraid it may be locked until my daughter turns 18 (correct me if I am wrong).

I know it is only a few months, but if something should happen during that time, I want to make sure my spouse has the money to take care of my child.

Has anybody encountered a similar situation and what did you do?

[engineer21 51]

Try and see if the insurance company will accept an ITIN in lieu of SSN. Good luck!

[VanessaTony 3,567]

My first question is, if something WERE to happen to you, what makes you think your husband, who I assume is not the child's parent, would get custody? Putting your husband as guardian in the Will isn't binding. If there is another living bio parent then that parent automatically gets custody unless proven an unfit parent. You need to look into other options (like adoption) otherwise if you pass your family members are more likely to get custody (depending on when you pass and other factors of course).

You should set up a trust for your child. That will ensure that your life insurance will go into the trust and your child can be supported via the trust no matter who is guardian. Ask the people who maintain your life insurance about having it paid out into a trust, usually that is immediate and doesn't require the child to reach 18.

Edited June 10, 2012 by Vanessa&Tony

[K & J 17]

First, you need to speak with the insurance company about an ID option. The Social Security number is not a legal requirement. Maybe he can just give his Passport number instead.

Second, is your husband the father of your child? If he is, he automatically get full and sole custody of you were to die. If he is not, your child's father get it. You have no right to bypass the father.

Third, if you want to to name you child the beneficiary you can do so. If she is a minor, his/her guardian will have access to the money but can (should) only use for child's benefit. Rules and laws vary by state. If your husband is not the father of your child, it would be irresponsible to name him the beneficiary. He would have no legal obligation to spend a dime on your child.

Finally, you can always set a trust for your child but you need to contact an attorney for that.