my husband signed a beneficary form at work and mistakenly signed his name instead of mine. he passed before it was changed, what can i do?
Total Comments: 2
Posted: Wed May 05, 2010 10:37 pm Post Subject:
first, sorry for your loss!
depends on your state, dependants / children involved, etc. usually assets of the deceased spouse pass directly to the surviving spouse. but ther are a few kinks that can be thrown in.... you need to check your state's probate laws, also see if he listed a contengent (second) beneficiary. if their is a second, then if he isnt alive to collect as first, then who ever is second would recive the death benefit. if no second is listed, then my thoughts are it becomes part of his estate and will be handled accordingly.
have you contacted the insurance company? are there others involved, ie dependants, or other family members contesting or claiming? was there a will? what state are you in?
Posted: Thu May 06, 2010 06:05 am Post Subject:
When a person names himself as beneficiary, it is a defective statement -- one may not legally be insured and beneficiary on the same policy. You cannot live and die and collect (most of those who have tried have been convicted of insurance fraud).
Given that there is then no named primary beneficiary, a contingent beneficiary would be next in line to collect anything. If there is no contingent beneficiary (usually not one in most group life accounts), probate law takes precedence and the estate would be the beneficiary.
The unfortunate aspect of that is the creditors get first dibs on the money. If there is anything left, it goes to heirs.
If this is a group life policy, there may be a "facility of payment" provision. If that's true, then the insurance company may seek the nearest blood relative (child, parent, sibling) and pay the proceeds to them, as if they had been named as the contingent beneficiary.
Posted: Wed May 05, 2010 10:37 pm Post Subject:
first, sorry for your loss!
depends on your state, dependants / children involved, etc. usually assets of the deceased spouse pass directly to the surviving spouse. but ther are a few kinks that can be thrown in.... you need to check your state's probate laws, also see if he listed a contengent (second) beneficiary. if their is a second, then if he isnt alive to collect as first, then who ever is second would recive the death benefit. if no second is listed, then my thoughts are it becomes part of his estate and will be handled accordingly.
have you contacted the insurance company? are there others involved, ie dependants, or other family members contesting or claiming? was there a will? what state are you in?
Posted: Thu May 06, 2010 06:05 am Post Subject:
When a person names himself as beneficiary, it is a defective statement -- one may not legally be insured and beneficiary on the same policy. You cannot live and die and collect (most of those who have tried have been convicted of insurance fraud).
Given that there is then no named primary beneficiary, a contingent beneficiary would be next in line to collect anything. If there is no contingent beneficiary (usually not one in most group life accounts), probate law takes precedence and the estate would be the beneficiary.
The unfortunate aspect of that is the creditors get first dibs on the money. If there is anything left, it goes to heirs.
If this is a group life policy, there may be a "facility of payment" provision. If that's true, then the insurance company may seek the nearest blood relative (child, parent, sibling) and pay the proceeds to them, as if they had been named as the contingent beneficiary.
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