Contesting a beneficiary!

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PostPosted: Thu Aug 19, 2010 2:24 pm   Post subject:   

Wills are frequently contested while they are passing through probate, and the persons contesting the will sometimes be able make out a case that the will should not be implemented as written. However, life insurance is not a part of someone's estate and does not pass through probate. The rules are different with life insurance policies than wills, and it is much harder to contest a life insurance beneficiary. It is not impossible to contest the beneficiary



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ChuckHamrick2
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PostPosted: Sat Aug 21, 2010 10:27 pm   Post subject: beneficiary  

I found a recent document with a more recent date on it changing the benficiary of an already paid out life insurance policy.

The name on it is given 1005 of the benfits and also states that in the will. the current recipient signature was 6years ago. does the new signature and date trump the payout and force the insurer to re-pay out the claim as it was premature to my finding the document? Do i have to go to court or does the person who already has the money have to give it back? Will the insurance company fight me b/c it was not submitted to the company although it shows clear intent? Do i have any chances?


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PostPosted: Sat Aug 21, 2010 10:47 pm   Post subject: beneficiary  

ok - - but I have a more recent signed and dated document clearly intending the beneficary to be someone else. I am an executrix and had 27 crates of papers to go through when I found this newer document surely there is some remedy to this action?


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PostPosted: Tue Oct 12, 2010 3:30 pm   Post subject: Contesting a Beneficiary  

My father past away last week. He had been divorced from my mother for 20 years. At the time he filled out the paperwork at his place of employment naming a beneficiary for his pension plan back in 2001, I was only 16 and living at home with my mother, who had custody of me. So he named his mother primary , who now is 88 years old and diagnosed with lung cancer, and me secondary. My father was extremely sick and I I know that now that I am of age, he would rather me have the pension. Can I contest this?


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baby girl
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PostPosted: Thu Oct 14, 2010 7:02 am   Post subject:   

No. It is set in indissolvable stone, concrete, steel, or any other substance that comes to mind. Your father made a big mistake.



The best you can hope for is that Grandmom has made provision for you in her will. In the meantime, the life insurance money is hers, because it was her name listed as the beneficiary, not yours.



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PostPosted: Sat Oct 16, 2010 11:29 pm   Post subject: fighting an ex-husband  

My my died 2 months ago. She divorced my biological father 4 yrs ago come November after 34 yrs of marriage due to infediity. She was very vocal to friends & family about NEVER wanting him to get a dime of her money to enjoy with his now girl friend. In the divorce decree it stated my "father" waived his rights to her 401K & Pension, however she never took him off the record as being the beneficiary on her 403B, life insurance, Pension, house or 6 unit rental property. I believe she thought the desolution of marriage was enough. All sources are saying she appointed him as beneficiary either 1993 in some cases & 1986 in others & never changed it & the divorce decree means nothing to them. The insurance & pension are both over $100,000 & the 403B is close to it. Her 403B lists me & my brother as secondary beneficiaries & him as primary. He refuses to even let the insurance pay the last $5800 due to the funeral home. I paid $1700 for the burial plot up front. I believe he has already gotten the insurance as my step brother just informed me he had a new Lincoln Navigator & is leaving on a 2 week trip. My " father refuses to answer my calls & has basically "disappeared". IS THERE ANYTHING WE CAN DO TO FIGHT THIS??? I signed the funeral home papers so they are coming after me for the remaining balance, not him.


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PostPosted: Mon Oct 18, 2010 3:12 pm   Post subject:   

Ready2GiuveUp . . .



Quote:
IS THERE ANYTHING WE CAN DO TO FIGHT THIS??? I signed the funeral home papers so they are coming after me for the remaining balance, not him




Not likely. Mom was responsible to make all of the necessary changes, but apparently never did. This is not an unusual occurrence. Had Mom remarried, the situation would be different, and her new spouse would automatically replace the former spouse as beneficiary of her retirement plans under federal law. It would not alter a life insurance beneficiary.



You can always hire an attorney in an effort to fight this, but you are on the losing end, and will only lose more. Sorry for your loss, it's too bad Dad is such a jerk.


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PostPosted: Wed Jan 12, 2011 7:37 pm   Post subject: Nephews Pension  

My nephew passed away at the young age of 34. He worked for the carpentary union and will be getting a small some of money. He has 20k each for his two children and social security of 1050.00 for each kid, as well as 4700.00 for funeral expenses. We just found out that his old girlfriend (mother of children) was his beneficiary. Since she has found this information out she has not been back to visit my sister (nephew's mom). My nephews children lived with my nephew and his mom 70% of the time and now spend the majority of the time with his ex at her parents house. We just want to make sure the money goes to the kids. Oh and the exgirlfriend is on drugs. Does anyone know what I can do to help my sister. thank you..


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PostPosted: Thu Jan 13, 2011 7:06 am   Post subject:   

Quote:
We just want to make sure the money goes to the kids




Social Security Survivors' Benefits are payable to an adult "for the benefit of" the minor children. Usually that adult is the custodial parent/guardian caring for the children. Every year, the adult must make a report (under penalty of perjury) describing how the money was used for the benefit of the children. If the children later assert -- and can prove -- that their benefit money was unlawfully taken by another person, that person can be prosecuted and forced to pay restitution to the children.



As far as life insurance money is concerned, if any of it is payable to the children, it is their money, although as minors they do not have legal capacity to receive the money, and so it would be paid to an adult for the benefit of the children. But if it is payable to the ex-spouse as primary beneficiary, then that money belongs to her and her alone, and she does not have to share a penny of it with anyone else.



If you believe the children are in danger in the care and custody of their mother, then you will need a divorce attorney to press your case and try for a change of custody.


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PostPosted: Fri May 13, 2011 4:04 am   Post subject: trust greedy and controlling benificary  

can i do any thing to stop this Crying or Very sad


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PostPosted: Wed Jul 06, 2011 4:03 am   Post subject: Stocks  

My youngest brother died in May. A year ago he said that he was naming myself and my two brother as equal

beneficary (stocks) - instead he left everything to a person (friend) we did not know. My brother also said that he had money in his safe for funeral ($10,000)- his friend said no money was in the safe. Do we stand a chance of contesting this?


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PostPosted: Thu Jul 07, 2011 3:44 am   Post subject:   

You can contest all you want. You have almost no chance of winning.



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PostPosted: Sun Jul 24, 2011 6:49 pm   Post subject: Father Passed  

My father passed away last month and I recently found he had a life insurance policy. He did not list a beneficiary so the money will be split between me and my half sister which has not been around for years. She recently got out of jail and has been using drugs for some time. Is there any chance of me fighting this or setting up an account she can't use until she's "clean"? I've spoken with her mom and she is also afraid of what might happen if she gets ahold of this money. Thanks for the help. I am listed as the exec of the estate, but we did not open one since there were no assets.


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PostPosted: Sun Jul 24, 2011 10:18 pm   Post subject:   

Quote:
My father passed away last month and I recently found he had a life insurance policy. He did not list a beneficiary so the money will be split


and

Quote:
I am listed as the exec of the estate, but we did not open one since there were no assets.




There is either a will or there is not. If there is no will, and essentially no assets other than the life insurance money, the matter can be handled privately between the known heirs. However, if there are any claims against your father's estate, the life insurance money must first be used to satisfy those claims, and the remainder may then be split. If there is a will, that document controls beyond the claims of creditors.



When you write "we did not open one" I assume you mean a PROBATE action. It may or may not be necessary, your state's probate laws dictate what, if anything, must be done.


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PostPosted: Mon Jul 25, 2011 1:05 am   Post subject:   

There is a will. All it states is that I am executor of the estate. The life insurance policy is truly the only assets. I spoke with the life insurance company and they said we did not need an estate inorder to pay out the policy. They ask me how I wanted my payout (check or for them to set up an account). Since my sister can not be tracked down, her half is being held by them.



I live in KY and the attorney told me if the company can pay out the funds without an estate, do it. He is going to file a claim for distribution for the small amount in his bank account and his car (which also has little value). I will get both those items. My sister is not mentioned in the will, but the life insurance company said there was no beneficiary so it's split between the kids. Do I have the right to challenge my half sister for her portion or anything I can do to make sure she uses it wisely due to her drug issues?


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