by mightyoak » Thu Jun 11, 2009 02:24 pm
This is another thing absolutely bugging me. You mean a military life insurance beneficiary designation form , does NOT need to be notorized?
Apparently NOT. You would think in this day and age. It ought to be required.
Apparently NOT. You would think in this day and age. It ought to be required.
Posted: Thu Jun 11, 2009 02:33 pm Post Subject:
Believe it or not, many beneficiary change forms (annuities, insurance policies, etc.) don't require notarization. In fact, beneficiary designations for state retirement programs, pensions, etc. often don't require notarization either. If you think about it, a notarized signature simply says that person was actually present and signed it in front of the notary.
In many instances with beneficiary changes, a psychological exam or a competency test should be required as well. How many stories do we hear about somebody enticing a senior citizen with some idea, or convincing them to make changes that really are unreasonable.
Unfortunately, it is quite easy to become a notary in many states...in some states it simply takes a mailed in application. A notary, although could not notarize his own signature, could be enticed to forge a notary.
There was a case here that was regarding a mortgage refinance cash out, and apparently the husband forged the ex-wife's signature in front of a notary and it was notarized anyway. The husband got the money and the ex-wife was only able to fight it because she was out of town on business and was able to prove that she was not there on that given date. I guess he should have checked her calendar!
Posted: Thu Jun 11, 2009 04:13 pm Post Subject:
I don't recall ever having to get a change of beneficiary form notarized.
What I have seen is a spouse's signature needing a signature guarantee agreeing to allow a non-spouse to be the beneficiary on a work retirement plan.
Posted: Thu Jun 11, 2009 04:36 pm Post Subject: insurance
When I make changes to my Military Life Insurance, I don't have to notarize anything. I agree..i think you should have it notarized. That way, no one can question it.
Posted: Mon Jun 15, 2009 05:17 am Post Subject:
I think it should be a lot harder to become a notary, in fact it wouldn't be a bad idea to require notaries to be bonded and licensed by the state! It constantly amazes me how easy it is to change things regarding retirement plans and insurance programs.
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