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 Posted: Fri Jan 23, 2009 1:31 am Post subject: Life insurance dispute |
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Hi,
My sister in-laws husband just died and his life insurance beneficiary is his ex-wife. He changed it to his ex-wife 4 years ago when he was upset at his wife. My concern is that his wife and 10 year old child are getting stuck with his debt and the burial expenses. Is this disputable or would it be a waste of time to fight? Oh yeah, he also has 3 children with his ex-wife but the youngest is 26, if that makes a difference. I always thought it went directly to the spouse and children first. Any help would be appreciated.
Thanks
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Guest
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| Posted: Fri Jan 23, 2009 2:33 am Post subject: |
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| Sorry , this post is in the wrong forum. |
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finances
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| Posted: Fri Jan 23, 2009 2:39 am Post subject: |
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There are two issues here:
(1) We have the right to name "anyone" as beneficary of our life insurance, even an ex-wife.
(2) Most state laws will not permit a deceased person to dis-inherit minor children. I would investigate this first with the insurance company, then the state department of insurance. If neither of these want to help you, I would consult with an attorney. |
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InsuranceMaze
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| Posted: Fri Jan 23, 2009 2:44 am Post subject: |
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| If her husband has named his ex-wife as the beneficiary , then she will get the benefits , but if he has worked long enough under social security , then his wife will still be eligible to get the social security survivor's benefits at 60 years or at any age, if she is taking care of his child who is below 16 years of age. |
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Unicorn
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| Posted: Fri Jan 23, 2009 3:19 am Post subject: |
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Hi "Guest-" welcome to the community.
First of all, please understand that estate transfer and inheritance law rarely controvert a life insurance policy's beneficiary designation. Life insurance proceeds are designed to be held outside the estate, assuming the life insurance contract was properly executed. One of the benefits of life insurance is that it's exempt from probate costs and estate taxation, again, if the policy is set-up right. The only way that the proceeds would be subject to estate distribution law is if the beneficiary was actually the estate of the insured. So, unless the beneficiary was the estate of the deceased person, there isn't much that those laws will do for you.
Can you challenge the beneficiary designation in court? You can challenge anything in court, this is America! Will you win if you try and contest the beneficiary designation? Not very likely. Actually, I really doubt it. Ok...no you won't win. You'll lose, and be out a whole lotta lawyer money. 
The reason is simple. I have heard judges say literally to litigants in these type of hearing "If he had wanted you to have the money, he would have named you as the beneficiary. Case dismissed." As long as as insurable interest existed at the time he purchased the policy, the beneficiary designation will hold, and the ex- will get the bucks. I know it sucks, but that the way this one is typically gonna go. 
There are numerous other threads that address this issue in this site, I encourage you to rummage through some of the earlier threads and you'll learn a lot more...
By the way, Unicorn has some good points that should be investigated. 
Hope this informs, and let us know if there's anything else.
InsTeacher  |
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InsTeacher
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| Posted: Fri Jan 23, 2009 4:22 am Post subject: |
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Hi Guest, sorry to hear about your loss 
You probably have already got the answer from our experts however, I've found this old discussion which may provide you with some additional information.
http://www.ampminsure.org/claims/about3338.html
Hope it helps.
~Jeremy |
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JeremyHolter
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| Posted: Fri Jan 23, 2009 6:06 am Post subject: |
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You already have your answer... wow, I have heard this story so many times. You wouldn't even believe how many people change their beneficiaries out of spite and then forget they did it. It's really a shame:(
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Sat Mar 28, 2009 9:12 pm Post subject: My husbands life ins. beneficiary |
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My husband put me as his beneficiary but I have recently learned that a week after naming me, he named his son as sole beneficiary. However he continues to lead me to believe that I am the sole beneficiary. Is this deception legal?
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Pondering
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| Posted: Sun Mar 29, 2009 10:50 pm Post subject: |
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| unfortunately, there is nothing you can do about it other than take a policy out on him yourself. |
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jacksonfinancial
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| Posted: Mon Mar 30, 2009 8:43 am Post subject: |
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Hi Pondering, in case you are following this thread instead of the one you have created on the same topic, I'd ask you to visit the following link to find more answers from our members.
http://www.ampminsure.org/life/deception-legal.html
Thanks,
Rupert |
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RupertWBradson
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| Posted: Mon Mar 30, 2009 5:50 pm Post subject: |
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| You state that his wife and 10 year old child will be stuck with his debt. Although she may be responsible for any joint debt, she is not liable for any credit card accounts or anything else that was solely in his name (in most states). |
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ChrisBantly
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| Posted: Tue Mar 31, 2009 6:40 am Post subject: |
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OP, Chris is absolutely right regarding the credit card debts. However, the mortgage and other secured debts may still need payments but the un-secured loans which belong to the deceased only, won't become a liability to the family. The exceptions are the community property states in which the spouse would become accountable for all the debts accumulated by he deceased during their marriage.
Regards,
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Texas_ranger
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| Posted: Fri Apr 03, 2009 2:30 pm Post subject: life insuranses |
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| life insuranses is super important to all people |
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lozano
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| Posted: Fri Apr 03, 2009 2:32 pm Post subject: how to use it? |
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| how to use it this insuranses? |
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lozano
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| Posted: Sat Apr 04, 2009 11:02 am Post subject: insurance |
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| [/quote]My husband put me as his beneficiary but I have recently learned that a week after naming me, he named his son as sole beneficiary. However he continues to lead me to believe that I am the sole beneficiary[quote] How did you find this out? From some 'personal experiences' with Life Insurance Beneficiaries, you can't have the Beneficiary changed, once it is in place. Yes...you CAN dispute it, ..however, it really won't do you any good. Have you spoken to the son?..maybe you can get something 'resolved' that way. Just trying to make suggestions. |
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sdchargersfan
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