by pamela58 » Thu Jul 21, 2011 11:32 am
my 34 year olds daughter just died. his insurance policy names his second wife as the beneficiary. however, she is now remarried to someone else and has a different name. is the second wife still entitled to life insurance benefits. my daughter is his oldest child and is now executor of his estate. what little that may be.
Posted: Thu Jul 21, 2011 06:48 pm Post Subject:
is the second wife still entitled to life insurance benefits.
Yes. It does not matter that her name has changed, that she is remarried, or even if she dies after the insured dies. The money is payable to her or her estate.
Posted: Fri Jul 22, 2011 11:18 am Post Subject: insurance
From what I've learned (on this Forum and other places), 'you' can have ANYONE as beneficiary on your policy. I know a few people who think they AUTOMATICALLY have to put down their spouses as beneficiaries..however, that's not true. I always tell people they need to select someone they REALLY trust. My personally thought: if a couple gets divorced, even if one of the spouses are on the Life insurance, the Life insurance should be 'null and void'. Too many 'money hungry' and greedy people, out there, now a days!!
Posted: Fri Jul 22, 2011 01:51 pm Post Subject:
I always tell people they need to select someone they REALLY trust.
.Naming life insurance beneficiaries has nothing to do with "trust". It has everything to do with providing financially for a person(s) who is left behind. Be careful in the way you give advice.
If one of the spouses are on the Life insurance, the Life insurance should be 'null and void'.
This is overly simplistic, and ignores the true purpose of life insurance. A blanket statement like this eliminates the possibility of leaving money to children, grandchildren, or whomever else. Plus, "null and void" means having to refund all the money paid for the insurance -- and insurance companies would never agree to that.
When a person obtains life insurance, they have, in 99.9% of the cases, a proper motive -- to make financial provision for others left behind (or to pay taxes so that those left behind don't have to sell the property left behind). That motive is not necessarily lost simply because two people part company.
That's why, even when state laws automatically remove a spouse as beneficiary (and I personally believe that's a misogynistic thing), there is nothing to prevent the policyowner from putting them back on -- but they have to take that extra step, and sometimes it doesn't happen. And then there are real issues to deal with, as we've seen in these pages.
Too many 'money hungry' and greedy people, out there, now a days!!
Although this may be a reasonable thing to say in general, it really does not apply to life insurance in the longest sense. Husbands and wives don't say to each other, "Honey, I know you're really a greedy person at heart, so if I die, would you be happy with only $100,000? Or would you prefer $1,000,000?"
Posted: Sat Jul 23, 2011 02:08 am Post Subject:
his insurance policy names his second wife as the beneficiary. however, she is now remarried to someone else and has a different name.
Doesn't matter.
is the second wife still entitled to life insurance benefits.
Yup.
my daughter is his oldest child and is now executor of his estate. what little that may be.
Good for her. Actually, technically she's the executrix of the estate (it's a gender sensitive word, oh Romance Language words)
She can't technically be forced to perform her duties as executrix, if she doesn't want to, and holding this title entitles her to nothing more than the headache of probating the estate.
Posted: Sat Jul 23, 2011 02:25 am Post Subject:
holding this title entitles her to nothing more than the headache of probating the estate.
The Probate magistrate will reasonably compensate the Executor/Executrix from estate proceeds, if requested. It may be enough to buy the required amount of Excedrin or other "medication" of choice.
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