by Grant » Mon Dec 15, 2008 08:25 pm
my grandmother died in 2001 and left me and my family insurance policies. she was married but due to the circumstances of her marriage she didnt leave her husband (my step grandfather; not blood) anything. to this day he has all of the insurance policies locked up and says no one is getting anything until he dies, even though his name isnt on anything. she left me money for college, and i am now 18 years old and ready to go to college. I live in San Diego, CA. and none of us no what company the insurance policies are from. what are my rights? what must i do to get the policies that i am entitled to?? i really need the money and he is not willing to give the policies up, even after 7 years..PLEASE HELP ME!!! THANX. --DG
Posted: Thu Jan 15, 2009 02:14 am Post Subject:
Can he take my sister and me off the policy and leave the other two sisters on? My mother is still alive but in out with dementia. Please help me
Well he could've had mom sign a change in beneficary for sure...that could've removed you and your sister...you might try and get a look at these policys and contact the agent, this really sucks, but it depends on what the POA allows him to do, if only medical or a full POAPosted: Thu Jan 15, 2009 01:32 pm Post Subject:
If I'm reading it right she thinks he changed it by removing one or two of the sisters, I'm not sure that any POA will allow him to change a life beneficary anyway...certainly not to himself...course good be the 'sister' that he left on is HIS natural child too, I don't know...again, I'm not sure any POA will allow this change
Posted: Fri Jan 16, 2009 08:49 pm Post Subject:
It never seems to amaze me on how funny people get when they are dealing with a death and money. Hopefully all who is here on this forum will heed warning and get your ducks in order so that your family is going through this. What a shame, I guess everyone feels they have a right to something.
To all the insurance professionals, is there a way to set a policy up so that if you become mentally ill that you can not change it. I am thinking about someone who is on the beginning of alzhiemers or dementia, sometimes in and out. It would be very easy to take someone in this condition when they are having a good day and have the will or policies changed, the person doing the policy would know no better right? Can you write it to say "if you are diagnosed" or show signs, then it can not be changed with out alerting beneficiaries or something to that affect????
Posted: Fri Jan 16, 2009 09:36 pm Post Subject:
Irrevocable life insurance trust.
Posted: Sat Jan 17, 2009 12:49 am Post Subject:
I see the above poster dgolden listed a irrevokable life insurance trust. That sounds like a possibilty. Anyone know anything more about it?
Posted: Sat Jan 17, 2009 02:34 am Post Subject:
I see the above poster dgolden listed a irrevokable life insurance trust. That sounds like a possibilty. Anyone know anything more about it?
My stepdad (God rest him and bless him he died a year ago in April) had this all set up the trust doesn't 'kick' in until my mom passes...then when she goes the trust takes over.Posted: Sat Jan 17, 2009 05:21 am Post Subject:
The irrevocable insurance trust is set to look after the insurance policies and pass on the benefits to the beneficiary at the right time. As the name suggests the irrevocable trust once set can't be amended, void or modifies even by the grantor.
The irrevocable trust once established possess the life policies that is it becomes the owner of the policies and the policy holder makes the premium payments to the trust, which then forwards the premium to the insurance companies.
Posted: Sat Jan 17, 2009 12:42 pm Post Subject:
I totally agree Jeorge with one exception...you can change some terms of the trust...ie...say the trust was set up to pay all the kids the same amount (say10k a year) you can go in and change it to different amounts or different kids getting different amounts (i know because my step dad did this, and I and one of his daughters were with he and mom when he did it...at his request of course).
Posted: Sat Jan 17, 2009 01:51 pm Post Subject:
This sounds like something I would be interested in. Thanks for explaining the details. One thing I have always said dumping a lot of money in young peoples hands can be a dumb thing. The idea of alloting so much money per year so they have to work (builds good work ethic) sounds like a way I would want mine set up. Now do you go through an agent or a lawyer to do this?
Posted: Sat Jan 17, 2009 02:00 pm Post Subject:
A lawyer or a bank, my step dad has theirs set up with the trust dept at their bank...probably cheaper than an attorney...
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