by mpowers33 » Mon May 18, 2009 11:16 pm
My grandfather ws 93 when he passed away. He could neither write or read. he Insurance Company has told me that in 2006, the policy changed owners (?) and then eventually beneficiaries. What is the need for irrevocable if this can happen?
Posted: Tue May 19, 2009 05:04 am Post Subject:
Mpower,
he Insurance Company has told me that in 2006, the policy changed owners (?) and then eventually beneficiaries.
Please explain the part 'changed owner'? Wasn't your grandfather the owner of his life policies? Who is the present owner?
He could neither write or read.
This is another interesting comment. Mpower, I think you need to provide us more information about the situation you are in.
Also, being the irrevocable beneficiary on the will doesn't necessarily mean that you hold the same status in his policies as well. I'm sure there is more to this story.
Thanks,
Rupert
Posted: Tue May 19, 2009 06:07 am Post Subject: Irrevocable beneficiary
There was never a will from my grandfather. I have no idea how they (my father and stepmother) managed to change the "owner" of this policy. The only thing I can ascertain is hat they got him to sign away the policy hen he knew nothing about what he was doing. Remember. he was 90 and could neither read nor write. I just don't know what to do about it.
Posted: Tue May 19, 2009 08:12 am Post Subject:
You are right Mpower that there is no point in keeping the irrevocable beneficiary status when it's been changed later on.
The irrevocable beneficiary status restricts the rights of the policy holder to change the beneficiary. The policy holder would need the consent of the beneficiary prior to make any change in the policies.
Do you remember receiving any intimation from the insurance company about the beneficiary change?
Posted: Tue May 19, 2009 11:03 am Post Subject:
We're missing facts. What makes you think that he made you the irrevocable beneficary? Why would he have wanted to restrict his ability to make changes? Did he owe you money?
Maybe your dad and stepmother had him sell the policy because money was needed while he was living.
I'd bet money that the beneficiary designation was not irrevokable.
Posted: Tue May 19, 2009 11:25 am Post Subject:
I'll bet you're right and they had grandpa sign ownership of the policy to them at some point...I know this is an obvious question...did you ask your dad about this?
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