by Guest » Sun Nov 04, 2007 01:17 pm
My brothers 19 year old son just got killed in an auto accident. We think he had his 19 year old girlfriend ( that he planned to marry someday)as beneficiary on life ins. through his company. Can his parents think of contesting life insurance beneficiary and what are their chances?
Posted: Wed Dec 29, 2010 12:38 am Post Subject: Assigning benefuiciaries
My father just past away. He had been heavily medicated while dieing of cancer and somehow his girlfriend convinced him to marry her. As I settle the estate, of which there is little, to whom does the state of california deem as beneficiaries of bank accounts, car; there is no house. There is no will. Does it all go to her or are we equal beneficiarties?
Posted: Wed Dec 29, 2010 01:24 pm Post Subject:
Does it all go to her or are we equal beneficiarties?
By "we", I assume you mean "the children". Under California law, a legal spouse has a priority claim over that of children. However, under the circumstances, you may possibly be in a position to challenge the marriage. You will need an attorney experienced in probate law.
Posted: Thu Feb 17, 2011 08:55 pm Post Subject: Making a claim on a life insurance policy
My father recently passed away and I spoke to his life insurance company to inform them of his death. They are sending me claim paperwork, but I am not listed as beneficiary. My exact question is why would they send me the paperwork to make a claim if I am not the beneficiary?
Posted: Fri Feb 18, 2011 05:48 am Post Subject:
Insurance claim paperwork may be sent to anyone, and anyone may file a claim. The claim will only be paid to the person(s) entitled. If you are not the beneficiary, the claim will be paid to the beneficiary, and if there is no beneficiary, the claim will be paid to the owner of the policy.
Assuming that your father was also the owner (which is true in at least 95% of all individual life insurance policies), if there is no surviving beneficiary, the policy proceeds are payable to your father's estate. As your father's child, you (and your brothers and sisters) may be in line to receive estate proceeds . . . if creditors do not take it all first. If alive, your mother would be ahead of you (and your siblings) as the beneficiary of the estate, but not ahead of any of your father's creditors.
Posted: Tue Mar 01, 2011 06:03 am Post Subject:
As we can see from here, the mother is clearly ahead, especially after she convinced him to marry her. How will the estate proceeds be distributed now? Are there any specific guidelines? Or is it that she can get all of it since she's ahead?
Posted: Tue Mar 01, 2011 08:56 pm Post Subject:
the mother is clearly ahead
Only if her status as spouse is not contested. If the OP is correct in asserting that the marriage was coerced or between persons one of whom had diminished capacity, then the probate court would be within its right to disqualify the spouse as a beneficiary of the decedent's estate.
There would have to be clear, compelling, and overwhelming evidence to support the claim challenging the spousal right of succession, and that's a pretty tough standard of proof.
Posted: Thu May 19, 2011 07:30 am Post Subject: beneficiary/executor
I have a dear friend who has cancer is getting her will ready, she has assigned me her will executor and has also named me her beneficiary for life insurance she has three policies, she is dividing her estate between her kids, wants me to take care of her financial affairs and is leaving me the what is left by word of mouth only. according to her will all her assets must be divided between the kids, she did not specify on the policies is that going to be a problem, please advise me as i have never been through such an awful situation.
Posted: Thu May 26, 2011 07:39 am Post Subject:
has also named me her beneficiary for life insurance she has three policies, she is dividing her estate between her kids, wants me to take care of her financial affairs and is leaving me the what is left by word of mouth only
All of this is improper. If your friend wants her life insurance divided between her three children, those children should be named as beneficiaries of the policies, NOT YOU. This cannot be done with a will, it must be done in writing with the insurance company. If the children are minors, the probate court will be involved in designating a fiduciary for the children's funds.
Nothing instructed by "word of mouth" means anything to the court that will probably be involved in probating your friend's estate following her death. IT NEEDS TO ALL BE IN WRITING.
Your friend may need legal advice to properly prepare her will and any trusts that may be necessary to hold funds for her children. IT IS ALWAYS BETTER TO HAVE THIS ESTABLISHED PRIOR TO ONE'S DEATH rather than leaving it up to a judge to make all the right decisions. The judges do a pretty good job, but they don't really know the whole situation, and they are required to apply the law rather than logic or reason, and their actions may be entirely inconsistent with what a person would have wanted.
Send me an email or PM if you need additional input.
Posted: Mon May 30, 2011 04:25 am Post Subject: insurance
YES!!!!!!!!! MAX is correct! No court will take "by verbal agreement." Documentation is the key to all of it. I have family members who have learned the hard way with this. Especially when it comes to the children..you don't want financial decisions to be put off because something wasn't documented.
Posted: Wed Jul 20, 2011 01:45 am Post Subject: life insurance
My uncle passed away last month at 93 from cancer. Up until december 2010 everything was left to my sister in the will. My cousin managed to get him to change the will so that he got everything. My uncle left both of my sister's a life insurance policy with them as beneficery. My cousin called to say that they should have went toward the funeral and that we would be getting a letter from an attorny. Can he contest the policy. One has already been paid and we are waiting on the other.
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