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 Posted: Fri Jan 30, 2009 6:54 pm Post subject: My boy friend of 25 |
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My boy friend of 25 years passed away in July. He had discussed with me that if anything ever happened to him, he wanted his brother and I to take care of all arrangements, and we did. He stated that if there was any money in the bank, he wanted it to be given to his brother & the church (his brother is the Bishop of our church). I did not have a problem with this because I loved him dearly and he and I gave each other things and money for the last 25 years and I have things. How can I help his brother with obtaining the funds left behind. He was listed as the beneficiary on the insurance policy, would this help him obtain the funds that are in the bank?
Thanks, Good Christian
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| Posted: Sat Jan 31, 2009 5:13 am Post subject: |
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Hi there!
The brother might have to present himself before the bank as the lawful heir of his deceased brother. Regarding the life insurance plans, since he is the named beneficiary the death benefits would be forwarded to him, but being the beneficiary might not help him to obtain the fund with the bank.
Is there a will?
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coffeeandcaramel
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| Posted: Sat Jan 31, 2009 11:58 am Post subject: |
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| Quote: | | My boy friend of 25 years passed away in July. |
I'm so sorry, wow a 'boyfriend' for 25 years! that's a long time...I'm sure you are terribly hurt by this loss, again I am so very sorry...
| Quote: | | How can I help his brother with obtaining the funds left behind. He was listed as the beneficiary on the insurance policy, would this help him obtain the funds that are in the bank? |
No being beneficary on a life policy gives him that policy proceeds only..nothing else..if the brother is the heir of his estate then he will eventually get this...did your boy friend have a power of attorney made out for his brother, or any other name on the accounts etc? A will ? Are there any other heirs? Like other siblings or children, parents? Has there been a probate hearing set? Was there any other property (ie car, house etc)?
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Lori
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| Posted: Sat Jan 31, 2009 4:46 pm Post subject: |
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I am very sorry for your loss. I must say it is nice to see a good honest person trying to do the right thing in a time of pain and suffering.
Was the bank account solely in your boyfriends name? If so that would be the next person entitled to the bank money.
It has been a really long time since I have set up a bank account (10 years or more) can anyone remember if you fill out any forms when opening an account that would name someone beneficiary if the person passes? I am not sure if this is done or n ot as I sid it has been forever since I opened a bank account..we have always had the same one.
I hope everything works out for you. Good luck. |
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fireyone
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| Posted: Sat Jan 31, 2009 6:44 pm Post subject: Bank Accounts |
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| I hope everything works out! Speaking of opening a bank account, I opened one a few months ago with Regions. No mention of a beneficiary. Just questions about my contact information and what kind of policy I wanted to open. The bank itself doesn't initiate this kind of arrangement. I'm also interested in whether the brother is a beneficiary. Let us know what happens! Please take care! God bless you. |
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BarbaraHall20
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| Posted: Sun Feb 01, 2009 12:37 am Post subject: insurance |
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| I don't think you are asked for a Beneficiary name when opening a bank account. However,.....my POA is on mine, just in case I Deploy ( go overseas) again. Did you say there was NO ONE else listed on his bank account. |
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sdchargersfan
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| Posted: Fri Feb 06, 2009 12:42 pm Post subject: |
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| I think he can get this money as he is the sole beneficiary |
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Lucysmith
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| Posted: Tue Feb 10, 2009 7:13 pm Post subject: |
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| Hopefully this will be the case. seems like it would go for an honest cause. These days you do not see much of that. |
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fireyone
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| Posted: Wed Mar 18, 2009 10:39 pm Post subject: |
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Having worked as a banker, I can let you know the guidelines. If the account was joint, then the other account holder now owns the account 100% and will be the only one that can access it. To have the deceased's name removed from the account will require only a death certificate. If the account was only in the deceased's name, it could be registered with a payable on death (the equivalent of filling out a beneficiary form) in which it would say John Smith, POD John Smith JR. This type of account registration would enable the John Smith JR to collect the accounts on death.
Having a power of attorney listed on the account is unfortunately useless. The power of attorney ceases upon death and only enables the POA to sign on behalf of the account owner (while alive). If you trust someone enough to make them power of attorney, make it a joint account!
Any proceeds left in the account (if it is a single account) will be included in his estate, and unfortunately will have to go through probate. I have seen cases that would have avoided probate entirely...except for an account with a few hundred dollars in it! |
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ChrisBantly
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| Posted: Thu Mar 19, 2009 1:40 am Post subject: insurance |
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| Just for General Information here: When you decide of POA's, make sure it's someone you trust WELL!! Remember....the POA doesn't HAVE to be a spouse or family member. I hear alot of 'horror stories' concerning family members/spouses that were POA's (from being overseas). ...the Insured had nothing left when the POA's were done taking what THEY wanted. |
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sdchargersfan
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| Posted: Fri Mar 20, 2009 10:06 am Post subject: |
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| Quote: | | My boy friend of 25 years passed away in July. |
I am so sorry for your loss. Death is horrible and yet all of us have to face it.
Yet life goes on. Anyway, do you have access to your boyfriend's documents? Yes he would have to prove to be the lawful heir as suggested by coffeeandcaramel. You can also check out if your boyfriend has mentioned his brother as nominee. It will be easier to prove as heir this way.
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Cathy
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| Posted: Sun Mar 22, 2009 2:28 pm Post subject: |
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| the policy will only provide the coverage dealt by the policy alone, and not funds within the bank or any other assests. those are covered by a will. was there any left by your boyfriend? if not, i think the case would be exactly as chris has described. |
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seven7
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