Can irrevocable beneficiary be changed?

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PostPosted: Wed May 13, 2009 11:35 am   Post subject:   

the term "irrevocable" in any use means you cannot change it...



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PostPosted: Thu May 14, 2009 1:43 am   Post subject:   

lol...where is Webster when you need him? I would go for the estate and a new atty. Malpractice may be a little harder. I would think this would definatley an atty opinion and help.

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PostPosted: Thu May 14, 2009 2:51 am   Post subject: insurance  

So........let me get this straight. If the OP has THIS kind of Beneficiary on an EX's Life Insurance,..this means the EX CANNOT change it without some kind of court 'okeying' it? Do I understand this correctly?

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PostPosted: Thu May 14, 2009 10:17 am   Post subject:   

The court would actually have to order the life insurance company to make the change.



Ex. You have been made the irrevocable beneficiary on your husband's life insurance as part of your divorce settlement. Many years later, there is a change in your agreement and your husband doesn't need to keep you as the beneficiary. He still won't be able to remove you because the beneficiary designation can't be revoked, so the life insurance company will not allow the change.



In reality, I have never seen an irrevocable beneficiary designation. There are better ways to handle this issue. It's usually handled through either a change of ownership, or an absolute assignment.



With an absolute assignment, the owner can't make any policy changes without agreement from the person to whom the policy is being assigned.

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PostPosted: Thu May 14, 2009 10:50 am   Post subject:   

Quote:
I would think this would definatley an atty opinion and help.
I agree, 'if' the amount he owed her (that was to be paid from the life policy) is worth it..
Quote:
If the OP has THIS kind of Beneficiary on an EX's Life Insurance,..this means the EX CANNOT change it without some kind of court 'okeying' it? Do I understand this correctly?
Yes, apparently it was court ordered in her divorce decree however, he got around it by keeping her as beneficary, but canceling the policy and getting a new one.. Mad And then making his new girl friend beneficary. He was a slippery fox it appears..


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Last edited by Lori on Wed Aug 19, 2009 11:01 am
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PostPosted: Thu May 14, 2009 5:52 pm   Post subject:   

That is why an absolute assignment or a change of ownership needs to be done instead.



We also have to keep in mind that a court order saying that he can't change the beneficiary is not the same thing as a irrevocable beneficiary. If it's the former, he could ignore the court order and still change the beneficiary. If it's the latter, he can't change the beneficiary, even if the court says that he can.

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PostPosted: Tue Aug 18, 2009 8:36 pm   Post subject: irrevocable trust  

I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it?? Question


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PostPosted: Tue Aug 18, 2009 11:09 pm   Post subject:   

Quote:
I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it??
It would depend upon the terms of the trust..However I would be very surprised...


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PostPosted: Wed Aug 19, 2009 3:07 am   Post subject: insurance  

I don't think, unless the person passed away, the beneficiary can barrow aqainst it. Yea.....I do agree with LORI about this guy being pretty sneaky.

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PostPosted: Wed Aug 19, 2009 3:16 am   Post subject:   

[quote]I am a beneficiary of an irrevocable trust. It is mostly land.. is there anyway to borrow against it??[/quote



Yes. No. Maybe. It is possible that a bank will give you a loan because they know that you will get this land and thus will have the ability to pay them back.



Is this a trust in which you will get the assets next month or is it one in which you will get the assets 10 years after your 42 year old mother dies?



It's all in the details.

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PostPosted: Wed Aug 19, 2009 3:22 am   Post subject: insurance  

INSURANCEEXPERT........I was asssuming this (and the OTHER thread/posts) were about Life Insurance, as well. Embarassed

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PostPosted: Wed Aug 19, 2009 3:38 am   Post subject:   

Since here he said that it is mostly land, I'm assuming that he's not talking about a life insurance trust.

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PostPosted: Mon Aug 24, 2009 11:40 pm   Post subject: Irrevocable Beneficiary  

I see these problems many times in my practice Attorneys do what they do...The make divorce settlements and many times fail to follow up on needed changes...I meet many times with ex-spouses that say their divorce settlement gives them part of a retirement account however all it is a settlement. the financial institution will not be bound by that...The attorney needs to draft the QDRO (Qualified Domestic Relations Order) to the satisfaction of the releasing company and have it signed by the Judge even that isn't enough because if it isn't forwarded to the financial firm nothing happens the same as this policy, ownership of the policy should have been changed to the ex-spouse.


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PostPosted: Thu Jul 29, 2010 6:07 pm   Post subject: irrevocable  

what if the spouse remarries and wants to pur his new wife on policy


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PostPosted: Sat Jul 31, 2010 2:58 am   Post subject:   

If the beneficiary is irrevocable, they have to sign off on the change. If not, then the owner of the policy can change it.

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