My ex-husband left his pension and life ins. to his brother and not his 2 daughters (they are in their 20s) can we do anything about that? He is the primary on each.[/i]
Total Comments: 4
Posted: Fri Jan 07, 2011 10:46 pm Post Subject:
My ex-husband
When the marriage ended, apparently so did the relationship between father and daughters. There is nothing you or they can do about this.
Posted: Tue Jan 11, 2011 04:38 pm Post Subject:
Well Maxx the relationship ended between husband and life but how can a father cease to be a father to her daughters despite his divorce?
Posted: Tue Jan 11, 2011 05:26 pm Post Subject:
goody . . . you fail to understand the OP's question challenging the person's decision to name his father the beneficiary of his life insurance and retirement plan assets following his divorce. There can be no challenge to that, absent a showing of mental infirmity, duress, or other form of coercion.
This is not a question of parentage -- the father-daughter connection obviously is biological and endures -- it is one of BENEFICIARY DESIGNATION. A person is free to name anyone of his/her choosing as the beneficiary of their life insurance policy, and may choose NOT to leave any money to a spouse or child. Some states automatically terminate the ex-spouse as a life insurance beneficiary immediately upon the judge's ruling granting a divorce. This may cause the life insurance proceeds to go into the estate following the insured's death if they fail to designate a new beneficiary following the divorce (which could be the ex-spouse, or children, or parents, or the family dog), where probate law takes over.
Federal law governs beneficiaries of most qualified retirement plans, requiring the spouse to be the beneficiary of most plans, but the spouse may voluntarily sign off and allow another party to be the beneficiary.
In the event of a divorce, a court order may be necessary to preserve an ex-spouse's share of retirement plan assets, otherwise the plan participant is free to name anyone or anything as the plan's beneficiary. In the absence of a spouse or any other named beneficiary, retirement plan assets become part of a decedent's estate where they, too, are subject to probate law.
Children have no state or federal guarantee of beneficial interest in either life insurance or retirement plan proceeds ahead of probate law. They are, however, next in line behind a spouse in probate law as it relates to claims for estate assets. Unfortunately, (and in this order) employees, the federal govt, state and local govt, and unsecured creditors are ALL ahead of the spouse in probate law when it comes to claiming estate assets.
When I said the relationship between father and daughters ended, it was the relationship of "love and kisses", not the one of chromosomes. We don't get to choose our parents, but they may choose to ignore/disown us when it comes to matters of money and property.
Posted: Fri Jan 07, 2011 10:46 pm Post Subject:
My ex-husband
When the marriage ended, apparently so did the relationship between father and daughters. There is nothing you or they can do about this.
Posted: Tue Jan 11, 2011 04:38 pm Post Subject:
Well Maxx the relationship ended between husband and life but how can a father cease to be a father to her daughters despite his divorce?
Posted: Tue Jan 11, 2011 05:26 pm Post Subject:
goody . . . you fail to understand the OP's question challenging the person's decision to name his father the beneficiary of his life insurance and retirement plan assets following his divorce. There can be no challenge to that, absent a showing of mental infirmity, duress, or other form of coercion.
This is not a question of parentage -- the father-daughter connection obviously is biological and endures -- it is one of BENEFICIARY DESIGNATION. A person is free to name anyone of his/her choosing as the beneficiary of their life insurance policy, and may choose NOT to leave any money to a spouse or child. Some states automatically terminate the ex-spouse as a life insurance beneficiary immediately upon the judge's ruling granting a divorce. This may cause the life insurance proceeds to go into the estate following the insured's death if they fail to designate a new beneficiary following the divorce (which could be the ex-spouse, or children, or parents, or the family dog), where probate law takes over.
Federal law governs beneficiaries of most qualified retirement plans, requiring the spouse to be the beneficiary of most plans, but the spouse may voluntarily sign off and allow another party to be the beneficiary.
In the event of a divorce, a court order may be necessary to preserve an ex-spouse's share of retirement plan assets, otherwise the plan participant is free to name anyone or anything as the plan's beneficiary. In the absence of a spouse or any other named beneficiary, retirement plan assets become part of a decedent's estate where they, too, are subject to probate law.
Children have no state or federal guarantee of beneficial interest in either life insurance or retirement plan proceeds ahead of probate law. They are, however, next in line behind a spouse in probate law as it relates to claims for estate assets. Unfortunately, (and in this order) employees, the federal govt, state and local govt, and unsecured creditors are ALL ahead of the spouse in probate law when it comes to claiming estate assets.
When I said the relationship between father and daughters ended, it was the relationship of "love and kisses", not the one of chromosomes. We don't get to choose our parents, but they may choose to ignore/disown us when it comes to matters of money and property.
Posted: Thu Jan 13, 2011 06:11 pm Post Subject:
Yes completely understood.
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