by Guest » Mon Nov 12, 2007 05:37 am
What is there is a "Will" left the deceased mentions clearly as to how to distribute his/her assets , but the Insurance policy names only one from the "Will" as the beneficiary.
Here are my questions :-
1) Will a "Will(last testament)if present supercede Primary beneficiary
2) Although the Primary beneficiary is the custodian of the insurance money, does it not mean that it must be distributed according to the "Will" left by the deceased?
Plz clarify
Here are my questions :-
1) Will a "Will(last testament)if present supercede Primary beneficiary
2) Although the Primary beneficiary is the custodian of the insurance money, does it not mean that it must be distributed according to the "Will" left by the deceased?
Plz clarify
Posted: Tue Apr 28, 2015 01:10 am Post Subject:
You fail to understand contract law in relation to life insurance.
A life insurance contract is issued by Company A to Policyowner A. The insurance company can only take instructions from Policyowner A, not someone else who holds Document B.
It's not uncommon for attorneys who fail to understand life insurance to write divorce orders that say things like "the children will be made irrevocable beneficiaries of Policyowner A's life insurance." The children can send that order, approved by the court, to the insurance company, and they MIGHT change the beneficiary.
In most cases, however, they would say, "We need it in writing from Policyowner A" -- the only person who has the legal power to make that change to the contract .
If no change was ever made, even if there was such an agreement,the children would have to sue the estate of the dead ex-husband/father to claim a share of estate assets equivalent to the insurance proceeds.
Posted: Sat Jul 27, 2019 02:35 am Post Subject: beneficiary
My sister left me beneficiary over her insurance policy, because she and her daughter had no relationship. a matter of fact she never wanted her daughter, I am the one who made her keep her daughter and raise her until she graduated from high school. The daughter then left home. After finding out my sister was terminal ill, her daughter came from another state, had my sister sign a well and give her power attorney with my sister being aware of what she was signing. My sister has a son who didn't know about the power of attorney. My sister knew that she would take everything from him, because he is slow and doesn't understand any legal matters. My sister and I were close, so she trusted me, and know that I would do the right thing by her son. My niece her daughter has sent the insurance company information with out her brother's name on it, claiming to be the beneficiary after my sister passed on May 07,2019. The insurance company called me ant told me that she as contacted them as beneficiary of my sister's policy how can she do this, nd he wasn't name as the beneficiary?
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