by Dani Girl » Thu Jun 12, 2008 02:29 pm
My father recently passed away and since his death I found out that he left his life insurance policy to my sister and myself. He did not change his policy since the birth of my other two siblings. Can my brother contest the pay out to either one or both of us?
Posted: Fri Jun 13, 2008 11:39 am Post Subject:
Sure he can contest it...but a better question (IMO) is why knowing this ("He did not change his policy since the birth of my other two siblings") Would you not want to just do the right thing and include them? On your own without forcing the other two siblings to do this? :?
Posted: Sun Jun 15, 2008 06:18 am Post Subject:
If you and your sister are the only beneficiaries of the life insurance policy, I don't think your brother can contest the payout of the life insurance premium. Only you and your sister are in titled to the proceeds. But of course, it is on your own on how to use the money. The best thing is to use it not only for your self but also for the benefit of your siblings.
Posted: Wed Jul 02, 2008 07:22 pm Post Subject: ex wife benefiting from life insurance
can a divorce decree mandate that my husband keep his ex-wife as the beneficiary for his governmental life insurance...After reviewing the decree, I'm unsure if she's entitle to his life insurance.. He stated that she's not the beneficiary and he has changed it to me, but looking at the decree I am unsure...Please help :(
Posted: Wed Jul 02, 2008 11:40 pm Post Subject:
can a divorce decree mandate that my husband keep his ex-wife as the beneficiary for his governmental life insurance
Absolutely it can...you can put about anything in a divorce settlement if both partys agree then there you go...he'd better live up to it...If he has changed the beneficiary to you he had to fill out a change of bene. form (isn't that right agents?)...Ask to see a copy of it... :wink: Also ask to see the divorce papers...It should be well laid out that he must maintain 'x' amount of life ins with her as bene probably though only till their kids reach adulthood..Posted: Thu Jul 03, 2008 08:33 am Post Subject:
can a divorce decree mandate that my husband keep his ex-wife as the beneficiary for his governmental life insurance...
Lori is right, today....the divorce decree can put any clause in the decree and can mandate your husband to follow it.
Is you husband liable for the child support? if so then he's required to maintain the policy in his ex-wife's name in it till the child attains the adulthood. This is to ensure the child's security at the event of the death of his father's pre-matured death.
Posted: Mon Jul 07, 2008 10:58 am Post Subject:
If you and your sister are the only beneficiaries of the life insurance policy, I don't think your brother can contest the payout of the life insurance premium. Only you and your sister are in titled to the proceeds. But of course, it is on your own on how to use the money. The best thing is to use it not only for your self but also for the benefit of your siblings.
Posted: Tue Jul 08, 2008 06:51 am Post Subject:
Hi zhan, you're absolutely right in saying that all depends on 'how you want to use the money' and it'd be nice to give the proper shares to the other siblings.
Thanks for sharing your views with us. We're really looking forward to hear more form you, between, why don't you introduce yourself to the community? :D I'm sure that you'll receive a warm welcome from the community. Also it gives us the opportunity to each other better :D
Hoping to see you more on this board.
Regards,
Juanita
Posted: Tue Aug 26, 2008 05:34 am Post Subject:
What the father could have done, of course he might not know how to do it then, was to name his 2 daughters and FUTURE children as beneficiaries.
Then all the children would have equal share of the policy proceeds.
Posted: Tue Aug 26, 2008 09:32 am Post Subject:
What the father could have done, of course he might not know how to do it then, was to name his 2 daughters and FUTURE children as beneficiaries.
Yes, I've seen many who haven't take much care to plan their finances during their lifetime, and thus cause a lot of trouble for the people (s)he is living behind.
The insurance need of an individual changes as his life's requirements keep changing, but most of us don't take care in reviewing our insurance needs time and again.
~Jeremy
Posted: Tue Aug 26, 2008 10:00 am Post Subject:
I would hope that all agents selling life policys to couples that are still in their 'child producing years' would encourage them to put something like, ''all children of this marriage share and share alike'' that's what we did when we were young on the advise of our agent...life takes over other children come, you forget that the new kids aren't on that policy you bought when you were 25 and before you know it your seventy, dead, and the kids are fighting, because they (rightfully so) feel slighted...sad...and sooooooooo preventable.
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