by George jr » Wed Apr 29, 2009 10:40 am
I'm the only child and do to my incarceration at the time of my fathers death, I didn't have access to his policies. Because of my incarceration at the time of his death, he made his sister as executure of the estate. She had all access to my policies. My Aunt always hated me therefor out of spite she's claiming that there was only a $5,000 policy which I know is a lie because I'm an only child and I know that there were more policies.
Posted: Wed Apr 29, 2009 11:07 am Post Subject:
Hi George, I'm sorry to hear about your loss. However, regarding the life insurance policies, IMO if you are the named beneficiary you would still receive the death benefits. The executor would only take account of the asset of the deceased, pay out his debts and thereafter would distribute the estates amongst the heirs. I'm not sure if she can deprive you from receiving the policy benefits. Hope life insurance experts would soon be at your rescue.
By the way, how do you come to know that you are the only recipient of the death proceedings?
Posted: Wed Apr 29, 2009 11:29 am Post Subject:
george, can you ask any other family member about the plans? you must start your search from there.
Some states require the estate executor to notify the beneficiaries about his/her beneficiary status, but in some other states its not a requirement. I’d suggest that you seek professional help on this matter.
Posted: Wed Apr 29, 2009 09:09 pm Post Subject: Hello Masquerader
Thank you for your response regarding this matter! Currently I'm in the State of California, will I have to pay first for legal help regarding this matter, limited on funds.
Posted: Thu Apr 30, 2009 05:52 am Post Subject:
George, do you have the policy documents with you? What proof do you have regarding your beneficiary status? Do you know the agent your father used to deal with? IMO you need to obtain the copy of the policy to prove your claim.
~Jeremy
Posted: Fri May 01, 2009 04:28 am Post Subject:
You shouldn't have to hire an attorney, and if you were named as the beneficiary and nobody was named before you- you get the money. The insurance company will do everything it can to try and find the designated beneficiary, and the executor or administrator of the estate cannot take control of the funds simply because you're in the hoosegow unless certain other, unusual conditions exist, such as mental incompetence or other strange uncommon things. If one of these weird things existed, trust me- you'd know about it.
Now, how can you find out if policies existed? A decent place to start would be the Medical Information Bureau. You can pay them for this type of information and the cost is very reasonable. They have data on millions of life insurance policies (at least that's what the literature I receive says). Here's a link: http://www.mibsolutions.com/lost-life-insurance/
By the way- the proceeds of a life insurance policy are tax-free to the beneficiary in most every case.
InsTeacher 8)
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