by Guest » Tue Nov 30, 2010 03:26 am
A close friend lost her husband a month ago he had no will. However he did have a life insurance policy with his parents named as beneficiaries.
He had listed them only because at the time it was done he was goig through a divorice. At that time he felt his parents would take care of things for him. My friend and he were married 6 or more years and he had never changed it partly because he lost his job nearly 2 years ago and did
not even know he still had it? Any ways my friend found the policy and took it too them honestly. There had never been bad feelings with my friend and his family. They quickly dumped her so to speak and did put the claim in to get the money. Can she contest this to at least get some money for final expenses?
He had listed them only because at the time it was done he was goig through a divorice. At that time he felt his parents would take care of things for him. My friend and he were married 6 or more years and he had never changed it partly because he lost his job nearly 2 years ago and did
not even know he still had it? Any ways my friend found the policy and took it too them honestly. There had never been bad feelings with my friend and his family. They quickly dumped her so to speak and did put the claim in to get the money. Can she contest this to at least get some money for final expenses?
Posted: Wed Dec 01, 2010 12:44 am Post Subject:
No. First of all, a will can never change a life insurance beneficiary designation. Never. The fact that he did not have a will simply means that instead of his assets going to who he wanted them to go to, the state laws will now take over distribution of the estate. Known as dying "intestate," the state intestacy laws will govern what happens to his assets and this will have no effect on a life insurance policy death benefit payment.
The parents are the only people with claim to the life insurance death benefit proceeds. While I understand the situation, the parents get the $$$, period, and are free to do whatever they wish with the proceeds, including giving some to you for those final expenses. Good luck.
InsTeacher 8)
Posted: Wed Dec 01, 2010 02:10 am Post Subject:
Yup, no contesting this, the contract stated the parents get paid.
Another one of those learning moments about estate planning (it's not just about large sums of money and estate taxes).
Posted: Fri Feb 04, 2011 05:28 pm Post Subject: contesting...
My sister, who has deceased, changed her l i pol to name me, her brother, and care giver, to be the bene. They informed me that I was the bene. Nowthe evil daughter is claiming I influened her to change the bene, My sister had suffered cancer the last yr of her life, but was never considered unable to conduct her life. Thanks
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