by Guest » Sun May 10, 2009 10:54 am
My divorce settlement named me irrevocable beneficiary of my ex husband life insurance to cover specefic financial obligation due to me. After financial obligaions were met the policy would go to our children wwho are now adults. Ex-husband died and the life insurance policy naming me beneficiary is no longer. He took out a new policy naming his girlfriend. None of my financial obligations were met. I just found out and hope it is not too late to contest if she has already been paid out.
Posted: Mon May 11, 2009 10:59 am Post Subject:
I agree this was likely an oversight on the OP's divorce attorney's part...Clearly the policy was enforce at the divorce. It was her attorneys job to ensure his client was protected...(ie change the policy's ownership)...which he/she clearly did not do.
I'm not so sure that dead ex husband can get 'away' with not meeting the financial obligation he was ordered to pay by way of part of his life ins. If his estate has any money, she may be able to pursue it that way..
Another avenue may be (albeit extreme) malpractice against her own attorney.
Posted: Wed May 13, 2009 01:55 am Post Subject: insurance
my divorce settlement named me irrevocable beneficiary of my ex husband life insurance
Here's a new term for me...Irrevocable. Can one of you knowledgable Insurance Agents please explkain what this means? I know what a Beneficiary is, but...I'm gonna need help on THIS one. Thanks. :roll:Posted: Wed May 13, 2009 10:24 am Post Subject:
Something that is irrevocable can't be revoked. It can't be taken back. It can't be changed. If I own a policy with you as an irrevocable beneficiary, I lose my ability to change the beneficiary.
Posted: Wed May 13, 2009 11:26 am Post Subject:
irrevocable beneficiary means beneficiary in life insurance policy contract whose compensation cannot be changed without his or her consent. First thing you need to do is intimate insurance company and then get in touch with your attorney.
Posted: Wed May 13, 2009 11:35 am Post Subject:
the term "irrevocable" in any use means you cannot change it...
Posted: Thu May 14, 2009 01:43 am Post Subject:
lol...where is Webster when you need him? I would go for the estate and a new atty. Malpractice may be a little harder. I would think this would definatley an atty opinion and help.
Posted: Thu May 14, 2009 02:51 am Post Subject: insurance
So........let me get this straight. If the OP has THIS kind of Beneficiary on an EX's Life Insurance,..this means the EX CANNOT change it without some kind of court 'okeying' it? Do I understand this correctly?
Posted: Thu May 14, 2009 10:17 am Post Subject:
The court would actually have to order the life insurance company to make the change.
Ex. You have been made the irrevocable beneficiary on your husband's life insurance as part of your divorce settlement. Many years later, there is a change in your agreement and your husband doesn't need to keep you as the beneficiary. He still won't be able to remove you because the beneficiary designation can't be revoked, so the life insurance company will not allow the change.
In reality, I have never seen an irrevocable beneficiary designation. There are better ways to handle this issue. It's usually handled through either a change of ownership, or an absolute assignment.
With an absolute assignment, the owner can't make any policy changes without agreement from the person to whom the policy is being assigned.
Posted: Thu May 14, 2009 10:50 am Post Subject:
I would think this would definatley an atty opinion and help.
I agree, 'if' the amount he owed her (that was to be paid from the life policy) is worth it..If the OP has THIS kind of Beneficiary on an EX's Life Insurance,..this means the EX CANNOT change it without some kind of court 'okeying' it? Do I understand this correctly?
Yes, apparently it was court ordered in her divorce decree however, he got around it by keeping her as beneficary, but canceling the policy and getting a new one.. :x And then making his new girl friend beneficary. He was a slippery fox it appears..Posted: Thu May 14, 2009 05:52 pm Post Subject:
That is why an absolute assignment or a change of ownership needs to be done instead.
We also have to keep in mind that a court order saying that he can't change the beneficiary is not the same thing as a irrevocable beneficiary. If it's the former, he could ignore the court order and still change the beneficiary. If it's the latter, he can't change the beneficiary, even if the court says that he can.
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