I have a question:My mother who has passed away has left me as the beneficiary of the her two policies and her retirement. Can her husband contest this?
Total Comments: 3
Posted: Wed Sep 15, 2010 11:56 pm Post Subject:
On the life insurance, no. Beneficiary designations are the instrument that the courts use to determine the disbursement of life insurance death benefits and a will and/or court won't overturn those designations unless fraud can be proved regarding the designations in the first place.
In terms of the retirement plan: depending on the plan and whether it's governed by ERISA (employer-sponsored retirement plans as an example) will determine the disbursement of any 401(k) or similar plans. In order for anyone OTHER than the spouse to be named as the beneficiary, the spouse must sign a form waiving their rights as the "de-facto" beneficiary and allowing the plan participant to name another person as the beneficiary.
So...what kind of retirement plan is it and did he sign the waiver allowing someone else other than the spouse to be the beneficiary?
Finally, a person can always contest something. That doesn't mean the contest will be successful. Remember, this is America and you can sue almost anyone for almost anything!
InsTeacher 8)
Posted: Thu Sep 16, 2010 11:36 pm Post Subject: Life Insurance
What about the retirement.My mother made the change in March 2008 and listed me as the beneficiary? If she took an earlier retirement would that be deducted against the amount on her retirement statement? She is with with the state.
Posted: Fri Sep 17, 2010 12:32 am Post Subject:
If her husband signed off on the change of beneficiary to the retirement plan assets, they are yours. If he did not, then the law is on his side.
If she took an earlier retirement would that be deducted against the amount on her retirement statement?
I'm not entirely sure what you're asking. If the statement you are looking at is not current, anything is possible. But, as InsTeacher asked, what kind of retirement plan are we discussing? A defined contribution plan such as a 403(b) or 457 or a state-funded (defined benefit) pension plan?
If we're discussing a defined benefit pension plan, and your mother was already receiving a retirement benefit, it is possible that her benefit election could mean that at her death, all remaining payments also end, and they do not go to anyone else.
We need more information to give you a better answer.
Posted: Wed Sep 15, 2010 11:56 pm Post Subject:
On the life insurance, no. Beneficiary designations are the instrument that the courts use to determine the disbursement of life insurance death benefits and a will and/or court won't overturn those designations unless fraud can be proved regarding the designations in the first place.
In terms of the retirement plan: depending on the plan and whether it's governed by ERISA (employer-sponsored retirement plans as an example) will determine the disbursement of any 401(k) or similar plans. In order for anyone OTHER than the spouse to be named as the beneficiary, the spouse must sign a form waiving their rights as the "de-facto" beneficiary and allowing the plan participant to name another person as the beneficiary.
So...what kind of retirement plan is it and did he sign the waiver allowing someone else other than the spouse to be the beneficiary?
Finally, a person can always contest something. That doesn't mean the contest will be successful. Remember, this is America and you can sue almost anyone for almost anything!
InsTeacher 8)
Posted: Thu Sep 16, 2010 11:36 pm Post Subject: Life Insurance
What about the retirement.My mother made the change in March 2008 and listed me as the beneficiary? If she took an earlier retirement would that be deducted against the amount on her retirement statement? She is with with the state.
Posted: Fri Sep 17, 2010 12:32 am Post Subject:
If her husband signed off on the change of beneficiary to the retirement plan assets, they are yours. If he did not, then the law is on his side.
If she took an earlier retirement would that be deducted against the amount on her retirement statement?
I'm not entirely sure what you're asking. If the statement you are looking at is not current, anything is possible. But, as InsTeacher asked, what kind of retirement plan are we discussing? A defined contribution plan such as a 403(b) or 457 or a state-funded (defined benefit) pension plan?
If we're discussing a defined benefit pension plan, and your mother was already receiving a retirement benefit, it is possible that her benefit election could mean that at her death, all remaining payments also end, and they do not go to anyone else.
We need more information to give you a better answer.
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