questions & answers
Question: My husband passed away three months ago. The insurance company requested me to furnish appointment of guardianship to release the benefit of my daughter (under 18) under the Group Term Life Insurance. What should I do?
Based on the information you provided, it appears that the life insurance company is asking that a conservatorship for a minor be established (for your daughter). The process is rather simple. There are links at the bottom of this response as to where you can get forms and detailed instructions. The following is just a general overview of the (typical) process:
(1) You will need to fill out a form indicating that your daughter (who is under the age of 18), has property (the life insurance proceeds), that are in need of management by a conservator. You will request that you, as her mother, be appointed as conservator. (As her mother, you have priority for appointment; see, ARS 14-5410 )
(2) You request a hearing;
(3) A hearing gets scheduled (you are required to give notice to certain interested parties, if any);
(3) A hearing takes place to consider the petition for appointment; and the court will likely appoint you conservator then and there.
(4) At the hearing, the court typically will sign and provide you with an "Order of Appointment" and "Letters of Appointment of a Conservator";
(5) The court most likely will order you to deposit the insurance proceeds in a restricted bank account. ( A restricted bank account is an account where you cannot withdraw funds without approval of the court). There is usually a form (provided by the court) that you give to the bank when you set up such an account. A bank representative fills it out and signs it. You then file that document with the court as "proof" that a restricted account was set up.
(6) It may be important for you to obtain certified copies of the Order of Appointment and the Letters of Appointment ("Letters"). You can obtain these certified copies through the clerk of the court. You will undoubtedly need at least one certified copy (most likely two) of the Letters. The insurance company will likely require you to furnish one certified copy of the Letters (and perhaps a certified copy of the Order of Appointment) prior to it releasing the insurance proceeds. The bank where you set up the restricted account may need a certified copy of at least one of those documents as well.
(7) You then deposit the insurance proceeds into the restricted account. File the proof of deposit (mentioned in #5 above) with the Court.
(8) Then at age 18, your daughter can petition the court for termination of the conservatorship and request that the proceeds in the restricted account be released to her.
Links where you can find forms/instructions re: "Conservatorship for a Minor" in Arizona:
My husband passed away three months ago. The insurance company requested me to furnish appointment of guardianship to release the benefit of my daughter (under 18) under the Group Term Life Insurance. What should I do?
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