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?
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?
Posted: Mon Apr 06, 2009 01:58 am Post Subject: insurance
Having this money that she isn't supposed to use could cause all sorts of negative implications for him/her.
She IS suppose to use it. Having her as Beneficiary, I gave her permission. The money is split between her and my son. That is how it is 'detailed' on my policy.Posted: Mon Apr 06, 2009 02:01 am Post Subject:
If your son is not a primary beneficiary, no part of the policy proceeds will go to him.
Posted: Mon Apr 06, 2009 08:31 am Post Subject:
primary beneficiary has all the rights
Posted: Tue Apr 07, 2009 06:17 am Post Subject:
Insurance Expert said I was wrong when I said in my last post:
this will have an adverse affect on your probate costs."
From one source:
Does it ever happen that pension or life insurance benefits become subject to probate?
(Note- this infers the death benefit is payable after the death of the beneficiary or annuitant and payable to the estate)Nothing is absolutely fool proof. Pension or life insurance benefits usually are not subject to probate because beneficiaries have been designated. If no beneficiary has been designated or if the pensioner or insured has outlived all of the designated beneficiaries, the benefits will become subject to probate.
Another quote:
Probate Issues
When you designate an individual as beneficiary, life insurance proceeds are paid directly to the beneficiary and are not subject to probate proceedings. The beneficiary has quick access to a source of funds that may be used for costs, such as lawyer's fees, associated with settling your estate. If the policy is payable to your estate instead, the proceeds are subject to probate the same as any other asset. Because the probate process for a complicated estate may take as long as a year, your heirs may have to wait longer before accessing the proceeds.
A third:
4. Probate
This is the legal process that is followed at the death of an individual when that individual owned assets in his/her name at death.
Certain assets are not subject to probate:
Assets jointly owned with another person with right of survivorship. Assets jointly owned as tenants in common are subject to probate.
Assets held in the name of the trustees of a revocable living trust.
Assets can be distributed by beneficiary designation. These include: life insurance, annuities, tax-qualified accounts and payable-on-death or transfer-on-death accounts.
Life insurance payable to an estate is considered an asset and subject to probate costs. The way to avoid probate is to name a person (natual or non-natural) as you beneficiary.
Now, probate being a state kinda thing, I could be whack here.
Hey Gary---> are you listening???
InsTeacher 8)
Posted: Tue Apr 07, 2009 10:20 am Post Subject:
Gary, I made an assumption in my post that a beneficiary was named. You are certainly correct that if the policy is paid to the estate, it will go through probate. I think that I partially misread your post. Please accept my apologies.
Posted: Wed Apr 08, 2009 04:20 am Post Subject:
Insurance Expert- apology absolutely accepted. Don't think you're the only one who's misread something here, trust me- you aren't the first and you certainly won't be the last! :) We appreciate your contributions and promise that we won't hold it against you! :wink:
Not to go off post, but it's this kind of dialogue that keeps us honest. If a member misstates something or gives factually incorrect info, it needs to be corrected as our readers need to be able to trust and believe in what we say.
I'm done. BTW- I'm not Gary- I was referring to another one of our forum experts.
InsTeacher 8)
Posted: Wed Apr 08, 2009 10:51 am Post Subject:
Hey Insurance Expert..would you please share more about this UTMA thing. If I'd have a secondary beneficiary to be treated as a "trustee", does that turn my child into a tertiary beneficiary?
PalinRome
Posted: Wed Apr 08, 2009 11:17 am Post Subject: insurance
I really need to get a 'Civilian' Will, as well. I have some 'general' things, written out in my Military Will. But, a Military Will doesn't have you list anything 'specific'. I've heard I can do one VIA the Internet. Does anyone know WHERE, on the Web, I can find one and do it myself?
Posted: Wed Apr 08, 2009 02:31 pm Post Subject:
You're setting your policy up for failure SD....perhaps you should speak with a real agent who actually knows what he is doing. The way your policy is currently set up, your son will get nothing, your friend will have 100% of the benefits to do as she wants, and even if she did give it to your son, she could only give him $13,000 per year without paying taxes on the gift. You'd be surprised how friendly your "friends" are when it comes to massive sums of money.
Posted: Thu Apr 09, 2009 01:31 pm Post Subject: hi
surely u have da right to see the policy. as on bank account if ur dads wife is the main beneficiary then she can change bank account. but u have some legal rights to stop them too. like any will. if your dad has no will then u also stop them to change the bank account. first try some emotional things. give respect n other emotional things to your dad's wife. this will surely work. n she will transfer some benefits to you too.
emotional things always works.
good luck
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