Can my 5 year old son be beneficiary of my ex husbands life insurance policy?

Unless there is a Trust in place, it is a very bad idea to name a minor as beneficiary of anything. Not only will you not be able to use the funds as you initially intended, the probate court often refuses to let you use the funds, at all. I have had the court order the funds to be set aside in a "savings" account, (earning next to no interest), and not let anyone touch the funds for ANY reason, until the child turns 18, at which point the money is turned over to him in a lump sum. This can be disastrous, for any number of reasons.

I think it would be far better for you to either have an agreement with your ex as to how the money will be used or invested, or to set up a Trust that dictates this. That would eliminate the need for probate and would untie your hands as to how best to provide for your son.

Whenever the court is involved, you have additional expenses, (which are largely outside of your control), and you potentially can lose all control of the situation, if the judge decides to have a "disinterested third person" administer the funds.

If you pay for the insurance, it seems to me that you should control how the proceeds are used. You may well need that money to cover your son's living expenses, if your ex passes.

James Frederick