by konie6 » Sun Feb 22, 2009 11:07 pm
my mother is in the hospital and changed her poa to me i was wondering how do we go about changing her life insurance beneficiary to me and my husband .it isn't much just enough to cover funeral expenses when the time comes.which according to the physician isn't long. how can we do this before she gets worse . right now she is aware of everything and wants it done but i dont know how to go about it . my is on it now and he is very abusive to her and this is the reason she wanted poa changed but she isn't in good health and we need to do it as soon as possible .
Posted: Sun Mar 15, 2009 10:52 pm Post Subject:
Hello jeorge, An Irrevocable beneficiary is a term used when the insured must have the consent of the beneficiary to remove them and place another name as the beneficiary. It is used occassionally in divorce situations where the husband must get life insurance for the children and must make the ex wife the beneficiary. I am sure that there are members in this forum that could possibly explain it in more detail. However, this is what I have done in the past with some clients.
Michael
Posted: Mon Mar 16, 2009 06:37 am Post Subject:
Thanks Micheal for explaining it to me. Surely there is lot left to learn in this field. :D
I think we can summerise it to the legal binding on the policy holder when she/she has been instructed by the court of law to maintain a policy on certain individual, right?
Posted: Mon Mar 16, 2009 01:17 pm Post Subject:
Yes, I believe you are correct. If the courts instruct a person to have a specific individual listed as a beneficiary then there is not much you can do about it.
Michael
Posted: Mon Mar 16, 2009 10:35 pm Post Subject:
why would someone have an irrevocable power of attorney? Never heard of that, I used to have temporary power of attorney when I was in the service, but they were always revocable.
Posted: Mon Mar 16, 2009 11:22 pm Post Subject:
Hello Goodnatured,
I am talking about an irrevocabel beneficiary only. When someone has an Irrevocable beneficiary on their life insurance policy then the owner of the life insurance cannot change this specific beneficiary with out the named beneficiary's written consent. I am under the understanding that the courts sometimes will tell the ex to have a life insurance and name the beneficiary as an irrevocable beneficiary.
Michael
Posted: Tue Mar 17, 2009 04:44 am Post Subject:
Yes, I believe you are correct. If the courts instruct a person to have a specific individual listed as a beneficiary then there is not much you can do about it.
Under what circumstances one can have these bindings imposed upon him/her?
I understand the court can ask a husband to maintain a policy on his wife even after the divorce. We often hear these things especially when the child support issue is involved. But I think its somewhat unrealistic that a mother would be asked to maintain a policy on her grown-up son who isn't very caring to her either.
Posted: Tue Mar 17, 2009 11:12 am Post Subject: insurance
...unless a will has this in it...or there is a trust and they are trustee, or the executor of the will..
LORI..I have a Will and Life Insurance policy, through the Military. My POA is in my Will, statingwhat goes to who, etc. She ( POA) is also on my Life Insurance policy. ALSO........I'm sarting a 401(K) through work now and I want the same POA, as my Beneficiary, on my 401(K). LORI.......I would like to gt a 'Civilian' Will , as well. Can you tell me a good site I can go to that is a 'Self-Service' type of website? Or...if you can recommend anything else?Posted: Tue Mar 17, 2009 02:30 pm Post Subject:
Whatever you do, please act now before your mom gets to sick and is told she is not competent to make sound judgments/decisions. Make sure her doctor hasn't given her a diagnosis anything related to altered mental status or the like. I think it would be best if you and your mom talk about the situation, and have HER contact the insurance company to change the beneficiary of her life insuarnce policy.
Just be sincere and gentle when talking to your mother, i have seen NASTY arguments between the kids and their mom over this issue at my workplace, and most of the time the child with the best intentions end up loosing out becuase they got so mad at/over thier siblings behavior, they end up looking like the "bad guy" when in reality they were just trying to help. Meanwhile, the "troube maker" sibling is calm and collected.
Good luck on this :sun:
Posted: Tue Mar 24, 2009 05:48 am Post Subject:
contact the agent and get it done as soon as possible as ur mom is serious.
This is not a tough thing if she want to do it she can do it very easily only her signature required on the beneficiary change form and will do the rest legal issues
Posted: Tue Mar 24, 2009 11:23 am Post Subject:
firstly, contact your agency to inform them that the policy holder wishes to change the beneficiary. ask them for the procedures, then get it done asap, since your mum is still aware of everything that is going on.
do note that there maybe be some challenge from the current beneficiary, but it shouldn't be a big problem since your mum (the policy holder) has decided to change the beneficiary. usually, the insurance company will get the policy holder to fill in some forms, as part of the procedure, so do take note that your mum has to be able to do abit of simple writing and signing.
hopes your mum gets better.
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