by Guest » Sat Jul 31, 2010 11:18 pm
My 35 year old brother passed away unexpectedly and left his nine year old son behind. At the time of death he had full custody of his son because the biological mother has a serious drug problem. Upon death, custody reverts back to the biological mother.
He was married for less than a year to his new wife who was listed as the primary beneficiary on his life insurance. I am listed as the "second benefactor" on the policy and before he was married I was listed as primary for about 5 years. My brother and I at that time had a verbal agreement that all of the proceeds would be used for my nephew and disbursed throughout his life as needed, (college, car , wedding ETC.) I have recently learned that the new wife has no plans of leaving my nephew any of the life insurance proceeds and also has no interest in maintaining a relationship with my nephew. In fact my nephew went over to the house "his father's house after the funeral and she asked him if she should box up his things for him and she would not let him take any sentimental belongings of his fathers.
My question is how do I contest this life insurance payout and what are my chances of winning?
He was married for less than a year to his new wife who was listed as the primary beneficiary on his life insurance. I am listed as the "second benefactor" on the policy and before he was married I was listed as primary for about 5 years. My brother and I at that time had a verbal agreement that all of the proceeds would be used for my nephew and disbursed throughout his life as needed, (college, car , wedding ETC.) I have recently learned that the new wife has no plans of leaving my nephew any of the life insurance proceeds and also has no interest in maintaining a relationship with my nephew. In fact my nephew went over to the house "his father's house after the funeral and she asked him if she should box up his things for him and she would not let him take any sentimental belongings of his fathers.
My question is how do I contest this life insurance payout and what are my chances of winning?
Posted: Tue Aug 03, 2010 09:46 pm Post Subject:
On my SGLI, I have a Trust for my son. Right now, he's a minor (17 years old). Would like to know....even if he is an 'adult', can I STILL have a Trust for him? I mean, if I wanted so much money to go into the Trust, where he can't touch it, until he's a certain age? I'm not trying to say this in a 'negative' manner. Just to 'space' the money out. Any suggestions on what I can do?
Max has given you some words of advice, but some additional considerations.
Lots of times, your life policy will have the option to decide how benefits get paid. For example, you can stipulate it be paid out over a period of time in a certian amount. Not sure if this is an option on the Servicemember's Group Life, but you should be able to find out rather easily
Posted: Wed Aug 04, 2010 06:58 am Post Subject:
Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance!
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Posted: Wed Aug 04, 2010 07:05 am Post Subject:
Great, now my signature has been coopted. Oh well,
I'm not aware of the reason why Leona Helmsley couldn't add her children as benefactors
Sil, it was not that she couldn't add them, she deliberately EXCLUDED them (they were her two children from her first marriage, and apparently they hated each other to a certain degree.), and when they challenged her bequest to Trouble, the judge sided with the two "estranged" children, and awarded them most of the money he took away from Trouble.
Posted: Wed Aug 04, 2010 07:09 am Post Subject:
you can stipulate it be paid out over a period of time in a certian amount. Not sure if this is an option on the Servicemember's Group Life
SGLI policies are no different in this regard than other individual life policies. If the insured servicemember wants to designate that the proceeds are paid to his/her child at age 50, or in a series of payments beginning at age 30, or any other plan, it's not a problem. People have done more bizarre things than either of these.
Posted: Mon Aug 09, 2010 12:21 pm Post Subject: insurance
I checked with our Unit Admin, at the Unit. He doesn't know if I can actually state anything SPECIFIC on my SGLI. Usually, with the Military, SGLI/Wills are really 'general' and you don't have any spaces to make any specific requests. I may have to contact the VA for THIS one.
Posted: Mon Aug 09, 2010 10:29 pm Post Subject:
SGLI/Wills are really 'general' and you don't have any spaces to make any specific requests
You write in the space provided, "SEE ATTACHED", and you write your complete beneficiary statement or distribution election on a separate piece of paper. The government doesn't limit your ability to designate beneficiaries or death benefit distribution options. If the insurer rejects your request, they will give you a reason why, and allow you to make another choice.
Posted: Tue Aug 10, 2010 03:38 am Post Subject:
Hahah! And here we even have seasoned vets of our board seeking out advice from the wrong people! Guess it's hard to avoid the temptation.
Max is correct, this is all up to the insurance company. Best place to seek out the answer to this is with them, not the Unit Admin, nor the VA.
Posted: Wed Aug 11, 2010 09:15 am Post Subject:
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