What rights do we have?

by vmarshall » Mon Mar 30, 2009 06:17 pm

Dad passed. If mine and my siblings names are on an insurance policy. His estranged wifes name is first on the policy. Siblings and my self are all adults, Shouldn't we have a right to veiw the policy?
Also his sister forced him to change his bank accounts to her name. He did not want to but she insisted. What rights do we have. What can we do?

Total Comments: 34

Posted: Tue Mar 31, 2009 06:05 am Post Subject:

Hey Vmarshall, sorry to hear about your loss, buddy. Well, I'm not very sure about what can be done regarding the changed name in accounts. But, regarding the life insurance policy I guess you and the other siblings are named as contingent beneficiaries in the plan, where your father have kept his estranged wife as the primary one.

Are you guys still in touch with his wife? The life insurance company would try to contact the primary beneficiary first regarding the disbursement of the death benefits. If they fail to locate the primary beneficiary or if she has pre-deceased your father then you are next in the line.

~Jeremy

Posted: Tue Mar 31, 2009 10:02 am Post Subject:

I'm so very sorry about your loss.


It depends as Jeremy pointed out..if you were the contingent beneficiary you legally have nothing coming at all if the primary beneficiary is living.

If however all of you were named as primary, then that's a different song..

As to the bank accounts have you asked your aunt, 'hey didn't dad tell you to give ''some'' of that to his kids?'' worth a shot i guess.

Shouldn't we have a right to veiw the policy?

No not unless you were primary beneficarys..

Also his sister forced him to change his bank accounts to her name. He did not want to but she insisted. What rights do we have. What can we do?

This would be your word against her's...How could she 'force' him? :? Are there other assets besides the policy? Like home, significant cash in the bank etc? You could go to probate over this if there is enough to 'fight' over...but since he was still legally married, his wife would be first on everything then you children..

Did you not have any conversations with your Daddy about any of this?

Posted: Tue Mar 31, 2009 11:36 am Post Subject:

Well marshall

Really sorry to hear about your dad :(

His estranged wifes name is first on the policy. Siblings and my self are all adults, Shouldn't we have a right to veiw the policy?


If your dad's estranged wife is the primary beneficiary Marshall I'm afraid there is nothing you or anyone else can do. The proceeds of your dad's policy will naturally go to her and if she isn't alive either, will then come to you.

Lori, is it possible that if the primary beneficiary declines the proceeds, could it then go to the contingent beneficiaries? Just wondering

Posted: Tue Mar 31, 2009 12:17 pm Post Subject:

Lori, is it possible that if the primary beneficiary declines the proceeds, could it then go to the contingent beneficiaries? Just wondering

I've never heard of that, but surely nothing would stop her from giving it to the kids..

Posted: Tue Mar 31, 2009 12:33 pm Post Subject:

I've never heard of that, but surely nothing would stop her from giving it to the kids..




Ok then Marshall, one hope could be if your dad's estranged wife wants to give some of the money to you cause the chances of her declining the proceeds may be dim.

Posted: Wed Apr 01, 2009 11:14 am Post Subject: insurance

That's my question, as well. How was your father "forced" to change his Insurance policy? He had a choice to change it or not. However......I believe the money SHOULD ( By All means!!) go to the children. Hopefully the estranged wife will do the right thing.

Posted: Thu Apr 02, 2009 05:01 am Post Subject:

Unfortunately, as others have pointed out, this is pretty much true:

If your dad's estranged wife is the primary beneficiary Marshall I'm afraid there is nothing you or anyone else can do. The proceeds of your dad's policy will naturally go to her and if she isn't alive either, will then come to you.



The only thing that I would change would be this part:

The proceeds of your dad's policy will naturally go to her and if she isn't alive either, will then come to you.



That depends on whether the policyowner named a contingent and possibly tertiary beneficiary. If the ex-wife is named as the primary, she gets the money. If not, it passes to the contingent, etc. If no named beneficiaries are alive to receive the proceeds, it will normally be paid to the estate of the insured. Unless named, unfortunately, it's unlikely that the kids will have any claim to the proceeds.

This has been addressed well in several other threads, and if I had a clue on how to find them and link them in, I would. Moderators???

Good luck with this, and keep us apprised.

InsTeacher 8)

Posted: Thu Apr 02, 2009 08:30 pm Post Subject: life insurance

It's kind of scary that if you DON'T have a 'Secondary' Beneficary ( providing the 'Primary' one is no longer living), that money can go to an Estate, etc. I'm dealing with the same issue. I have a Life Insurance policy through the Military. I do have a 'Primary' ( very good friend) and a 'Secondary' ( my son). My son is a minor. I'm just trying to decide what to do to 'add' another 'Secondary', in case something happens to me, and my son was STILL a Minor.

Posted: Fri Apr 03, 2009 05:51 am Post Subject:

It may happen at times that the primary beneficiary may pre decease the policy holder. Therefore, one may add contingent beneficiaries to aviod the benefits to go to the estate, which will then become taxable.

Posted: Fri Apr 03, 2009 10:56 am Post Subject:

We personally have a primary (tony or i) and two secondary (each kid share and share alike) then my sister as thrid benficary.

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