Will and Primary Beneficiary

Posted: Sun Nov 18, 2007 07:39 am Post Subject:

By the way, for what it's worth, I agree with Ins Maze 100%.

Posted: Tue Dec 04, 2007 05:14 am Post Subject: Welcome!

Hi SleepySeattle
Your post has been shifted to the following thread for generating more responses to it!
http://www.ampminsure.org/claims/about3492.html
Regards,
Lakemen

Posted: Tue Dec 04, 2007 05:27 am Post Subject:

Hola Sleepy, welcome to the community.
Oh man, this one' got C-O-N-F-L-I-C-T written all over it.

Let me get this straight: He has 6 kids, was pre-deceased by his wife, and somehow "cut out" two of his 6 children from receiving an equal portion of whatever it was he had.

Now, when you said "the policy is split between his surviving children," does this in fact mean that some of his children may have also pre-deceased him?

In his will, he has the right to "cut out" anyone he chooses. I do not think, however, he ever had the ability to NOT name a specific beneficiary (primary and/or contingent) on his life insurance policy. The life insurance policy in question is basically a legal and binding contract between him and the insurance company. Wherein he promises to not misrepresent any of the information contained on his policy and to make all the required premium payments (among a host of other things).

In return, the company promises to send someone a check when the insured's heart stops beating - on a permanent basis. You pay, you pay, you pay, you die, we pay. That's it - life insurance 101. This can't happen without a beneficiary.

If his wife was his named beneficiary, her rights to his life insurance proceeds ceased when her heart stopped beating and, at that point, a named contingent beneficiary moved up the proverbial ladder. If none were named, the life insurance benefit more than likely became the property of the estate.

That's where the problems could start. If his will specifically named the two "kids" who were not to receive anything, and designated that the benefit was to be evenly split amongst the 4 remaining family members, that should have worked - unless one of the kids who had been ousted got mad, hired a good family law attorney, and contested the Order of Distribution. At that point, it's up to the system and the courts.

Good luck,
Mark

Posted: Thu Sep 18, 2008 01:24 am Post Subject: will

mother and stepfather had a will , in mother 's will she requested that her 2 daughters be in the will,5 children and the 3 would fall under 8th child.
mom died so step dad made a new will removing 8th child.

Posted: Thu Sep 18, 2008 03:50 am Post Subject:

As I have been working on the MOTHER of all screwed-up cases involving wills and disgruntled beneficiaries, it's funny (ironic really) how this topic suddenly appeared in my Topic Reply Notification inbox.

Check this out:

Grandma and Grandpa are living very well in thier senior years. They owned a large business in the San Francisco Bay area and made tons of money when they sold it. Together, they have 4 sons and a number of grandchildren. Grandma dies at 63 years old and Grandpa remarries a wonderful woman (his age) 3 years later.

In her younger days, the new Grandma was unable to have children and grew very close to her nieces and nephews.

Grandpa dies in 2003 without a will or a trust and a net estate value in the mid-seven figure range. Grandma is suddenly coached by her sisters on the value of things like Wills and Trusts.

Grandma passed away last month and when her Will was read, it seems as though everything was left to her nieces, nephews, and their children. With the exception of one grandson, none of Grandpa's side of the family received anything.

It seems the one grandson had taken the time to visit on a regular basis, went hunting and fishing with his grandfather, sent Father's Day cards, etc., etc. He told me he wanted absolutely nothing from his grandfather except his wedding ring (from his first marriage) and Grandpa's gun collection.

Instead, he'll probably never have to work again and the rest of his side of the family is REALLY upset with him for being the only one anything was left to.

Damned if you do and damned if you don't.

Posted: Wed Jul 15, 2009 10:21 pm Post Subject: Will

So my dad passed away and had a will he stated that ALL money insurance money ect,ect is sapoce to go to his kids in his words with ALL and insurance in there clearly...
My dad was diegnosed with savere depression in 2004 he wrote the will in 2002 and changed the benferirie to his gf in 2006 does she still get the money knowing he was not of sound mind body n soul when he signed the benifire papers??

Posted: Thu Jul 16, 2009 05:27 am Post Subject:

Well Amanda, the beneficiary status mentioned in the policy document normally prevails over the will of the decedent. Hence, the insurance company would acknowledge the girlfriend as the beneficiary of your father since it was amended by the insured.

Now, if you would like to contest the beneficiary issue, you would need to challenge the same at the court of law where you would be required to prove that your father wasn't at sound state of mind when he made the changes. If you win, the money would then be paid to you according to the verdict.

Posted: Thu Jul 16, 2009 09:45 am Post Subject:

Hi Amanda,

Do you possess any evidence which may prove that he was not of a sound mind when he changed the beneficiary?

If you have any such medical documents, it may come in handy in the court of law. Otherwise, things would go in their natural way!

Steven

Posted: Wed Dec 02, 2009 09:25 pm Post Subject: will versus beneficiary

If the decease had CD with totten trust name for beneficiary over the CD's (all accounts) and the will said to devide 50/50 between 2 people (one of which was named trust on accounts) Does the other one get anything or only the designated beneficiary trust

Posted: Thu Dec 03, 2009 12:46 am Post Subject:

Well I'm confused...Start again...the will says what? and the trust says what?