does the beneficiary of a life insurance policy have to hono

Message

Author

	Add to del.icio.us
	Add to YahooMyWeb
	Add to Simpy
	Add to BlinkList

Posted: Thu Jun 18, 2009 7:42 pm Post subject: does the beneficiary of a life insurance policy have to hono

my step dad is the beneficiary on my mom's life insurance policy. She recently passed away, but before she did she had a will drawn up leaving my brother and I a portion of her life insurance. Does he have to honor it? _________________ Register Now to have your Insurance queries solved.

Guest

Posted: Fri Jun 19, 2009 2:18 am Post subject:

A will cannot change the terms of the beneficiary designation, so it will not affect the death benefit. If he is the primary beneficiary on the policy, instructions in a will will not change that, and he will get the proceeds. If he chooses to give you and your brother the proceeds from the death benefit, that's his choice. Seeing as that your mother desires stated that you and your brother receive the funds, it would be the "right" thing to do for your stepfather to give you the funds after he receives them. That in and of itself creates additional potential tax liabilities under gift taxation rules and other IRS stuff. But the will won't change the beneficiary designation and payment of the proceeds. Sorry about this... InsTeacher _________________ It is what it is...

InsTeacher

Forum Expert

Joined: 13 Aug 2007
Posts: 708

Location: Oregon, USA
88.70 Dollars($)

Posted: Fri Jun 19, 2009 4:19 am Post subject:

Hi OP Yeah, I agree with Ins Teacher. Your step dad is the one who'll get all the proceeds from the policy. I'm afraid nothing the will says will help you get any benefits from your mom's policy. OP are you sure your step dad is the primary beneficiary in your mom's policy? Teacher, if the OP happens to be a secondary beneficiary, does he stand any chance if he contests the policy? _________________ AmPmInsure Blog

sil

Senior member

Joined: 30 Sep 2005
Posts: 269

59.88 Dollars($)

Posted: Fri Jun 19, 2009 5:05 am Post subject:

Quote:

Teacher, if the OP happens to be a secondary beneficiary, does he stand any chance if he contests the policy?

If they are the contingent beneficiary, they can contest the primary designation all they want. It won't make any difference unless the contingent can prove some type of fraud or duress, which is highly unlikely.

I would never presume to understand the complete situation of the OP, but from the sounds of the OPs post, it doesn't sound like we're off the mark here. I always suggest that if there's a real concern that an attorney should get involved, but if this is all there is to it, it likely wouldn't do any good.

InsTeacher Cool