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Children as Beneficiaries: Now What? New Jersey

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  • Children as Beneficiaries: Now What? New Jersey

    My sister died and my children ages 4 and 7 were named as beneficiaries on her life insurance policy. They will receive $25000.00 each. The insurance company sent a letter stating that they can only release the funds to a court appointed guardian. I went to the surrogate court and needed to be bonded. Now, what kind of account can I set up for them and how can the money be used.
    According to the bonding agent, I cannot withdraw any funds without a court order. I thought I could use the mony for things like child care and preschool. Do I need a court orDer and to pay legal fees every time I make a withrawal? Is there any other way to set up a trust or somethng that will give me a little more control over the money?
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