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: Tue Aug 18, 2009 08:36 pm Post Subject: irrevocable trust
I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it?? :?:
Posted: Tue Aug 18, 2009 11:09 pm Post Subject:
I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it??
It would depend upon the terms of the trust..However I would be very surprised...Posted: Wed Aug 19, 2009 03:07 am Post Subject: insurance
I don't think, unless the person passed away, the beneficiary can barrow aqainst it. Yea.....I do agree with LORI about this guy being pretty sneaky.
Posted: Wed Aug 19, 2009 03:16 am Post Subject:
[quote]I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it??[/quote
Yes. No. Maybe. It is possible that a bank will give you a loan because they know that you will get this land and thus will have the ability to pay them back.
Is this a trust in which you will get the assets next month or is it one in which you will get the assets 10 years after your 42 year old mother dies?
It's all in the details.
Posted: Wed Aug 19, 2009 03:22 am Post Subject: insurance
INSURANCEEXPERT........I was asssuming this (and the OTHER thread/posts) were about Life Insurance, as well. :oops:
Posted: Wed Aug 19, 2009 03:38 am Post Subject:
Since here he said that it is mostly land, I'm assuming that he's not talking about a life insurance trust.
Posted: Mon Aug 24, 2009 11:40 pm Post Subject: Irrevocable Beneficiary
I see these problems many times in my practice Attorneys do what they do...The make divorce settlements and many times fail to follow up on needed changes...I meet many times with ex-spouses that say their divorce settlement gives them part of a retirement account however all it is a settlement. the financial institution will not be bound by that...The attorney needs to draft the QDRO (Qualified Domestic Relations Order) to the satisfaction of the releasing company and have it signed by the Judge even that isn't enough because if it isn't forwarded to the financial firm nothing happens the same as this policy, ownership of the policy should have been changed to the ex-spouse.
Posted: Thu Jul 29, 2010 06:07 pm Post Subject: irrevocable
what if the spouse remarries and wants to pur his new wife on policy
Posted: Sat Jul 31, 2010 02:58 am Post Subject:
If the beneficiary is irrevocable, they have to sign off on the change. If not, then the owner of the policy can change it.
Posted: Sat Jul 31, 2010 10:42 pm Post Subject: insurance
"Sign off on the change?"......are you talking about the CURRENT Beneficiary and the owner of the policy?
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