by aers811 » Tue Jun 14, 2011 11:05 pm
my mother was beneficarie of my life insurance policy, she is now deceased. The policy is in her estate, and my other sibilings have to sign off on the policy befor i can put it in my name, why? or is this not true??
Posted: Wed Jun 15, 2011 04:09 am Post Subject:
What? Your mother was the beneficiary of your policy but the policy is in her estate? Was she also the owner of the policy?
If your mother was the policyowner, you will have to look to the contract to see what happens when the owner dies. Some policies will transfer ownership automatically to the insured if the policyowner dies first. Many contracts state that the owner's estate will become the de facto owner of the contract.
Your siblings do not have to "sign off" on the policy for it to be transferred into your name as the owner, but the court or executor of her estate that is handling the affairs does.
The cash surrender value of the policy (if it is a cash value policy) would be counted as a part of your portion of the estate that is transferrable to you. If that represents more than your share of the estate, then you may have to compensate your siblings in order for them not to protest the assignment of the policy to you.
The executor will have to execute an "absolute assignment" of the contract to you on behalf of the estate. That is a simple matter which is handled directly with the insurance company, using their form. The executor will have to send a copy of your mother's death certificate and an affidavit attesting to his/her role as executor.
Once the insurance company receives the form, the transfer of ownership is completed and the policy becomes your property and you will have the responsibility to pay premiums and the right to name a beneficiary of your choosing.
Or you could cash in the policy, take the money, and do with it as you please. Generally, many of us who are here as insurance agents would counsel against that in most cases.
Your personal situation, however, will determine, in large part, the direction in which you should proceed. You might want some professional advice from someone more familiar with your situation and needs.
Posted: Mon Mar 11, 2013 09:18 pm Post Subject: mom tricked my grandma into signing my insurance over as the
What do I need to do to get my insurance transfer back over to me. Grandma been paying it sinch I was like 3 and mom put it in her name about 7 years ago. I'm 25
Posted: Mon Mar 11, 2013 09:26 pm Post Subject:
No my grandma still get it coming out of here bank but my mom got sum type of owner ship and my grandma and me want it off
Posted: Tue Mar 12, 2013 05:19 am Post Subject:
What do I need to do to get my insurance transfer back over to me.
How is it that your mother became the owner of the policy? If Grandma was the original policy owner, she would have had to assign the ownership to your mother.If that did happen, then there is nothing you can do, unless the contract says something different.
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