Core Insights - The article discusses the management of survivor benefits for minors, specifically focusing on a case study of a teenager named Rebecca who receives Social Security benefits after the loss of a parent [1][5]. Group 1: Survivor Benefits Overview - Survivor benefits for minors can amount to up to 75% of a deceased parent's Social Security benefit, with a maximum family payment of 150% to 180% if multiple children are involved [3]. - Approximately 1.3 million minor children in the U.S. receive survivor benefits, which can continue until the age of 18, or 19 if the child is a full-time high school student [4]. Group 2: Financial Management Responsibilities - The representative payee, in this case, Steve, is responsible for managing the funds until Rebecca turns 18, ensuring that the money is used for her current needs and saved or invested appropriately [6][7]. - Steve must maintain a record of all expenses related to Rebecca's benefits, as required by the Social Security Administration (SSA) [9]. Group 3: Overpayment Risks - Steve should monitor the benefit payments closely to avoid overpayments, which can occur due to errors in information [10]. - If an overpayment is identified, the SSA will notify the payee and provide a 30-day period to rectify the situation before initiating collection actions [11][12]. Group 4: Investment Options - After meeting Rebecca's current needs, Steve can invest the remaining funds in custodial UGMA or UTMA accounts, which allow for a variety of asset types and have potential tax advantages [14][15]. - A 529 plan is also suggested as a viable option for saving for Rebecca's future education costs, offering more tax benefits compared to UGMA or UTMA accounts [16]. Group 5: Best Practices - Understanding the rules and managing the funds responsibly is crucial for ensuring that the survivor benefits positively impact Rebecca's future [17].