Can someone contest a beneficiary on policy?

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PostPosted: Fri Jul 23, 2010 4:52 am   Post subject: Can someone contest a beneficiary on policy?  

My mom was listed as beneficiary to her friends life insurance and bank accounts. does she haver to worry about the heirs having any right if there was no will?

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PostPosted: Fri Jul 23, 2010 8:54 am   Post subject:   

Your mom will not be facing any problem if her friend had made nomination for the insurance as well as bank account and your mother name is a beneficiary.



This nomination is enough legal proof for the bank as well as insurance company to pay the insurance money as well as bank amount to your mother.

They won't require any will document in order to disburse the amount.Only thing they will ask to your mother is her address proof and identity proof.That's all.

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PostPosted: Fri Jul 23, 2010 12:13 pm   Post subject:   

Quote:
They won't require any will document in order to disburse the amount.


Truly, I find this quite interesting. What would they do under circumstances when a will document contradicts such beneficiary status?

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PostPosted: Sat Jul 24, 2010 8:13 am   Post subject:   

Quote:
Truly, I find this quite interesting. What would they do under circumstances when a will document contradicts such beneficiary status?





I was particularly stating this w.r.t to this situation only.



If you want to see it in general terms surely will documents does have value when there is any dispute.



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