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Changing beneficiary of life insurance Policy after date of death but before filing claim?
Posted on 1/19/21 at 2:00 pm
Posted on 1/19/21 at 2:00 pm
Does anyone know if it's possible to do this, legally?
My father in law passed away and was the owner of a life insurance policy on my nephew. I believe on my FIL's passing, his estate became the owner of the policy. My nephew unexpectedly passed recently and the primary beneficiary of the policy was my deceased father in law. The secondary beneficiary was someone my FIL and nephew would not have wanted to benefit from his death.
Does anyone know if the executor of the estate make changes to the beneficiary on this policy after the death has occurred? I'm not sure if the state matters, but it's in Tennessee.
My father in law passed away and was the owner of a life insurance policy on my nephew. I believe on my FIL's passing, his estate became the owner of the policy. My nephew unexpectedly passed recently and the primary beneficiary of the policy was my deceased father in law. The secondary beneficiary was someone my FIL and nephew would not have wanted to benefit from his death.
Does anyone know if the executor of the estate make changes to the beneficiary on this policy after the death has occurred? I'm not sure if the state matters, but it's in Tennessee.
11
Posted on 1/19/21 at 2:05 pm to whitefoot
quote:
The secondary beneficiary was someone my FIL and nephew would not have wanted to benefit from his death.
They must have thought differently when they designated that person as secondary beneficiary...? Man, I don't know how you'd get around this but I'm very interested in the answer.
Posted on 1/19/21 at 2:17 pm to whitefoot
No, they can't change beneficiaries after the death.
Posted on 1/19/21 at 2:41 pm to JDPndahizzy
quote:
They must have thought differently when they designated that person as secondary beneficiary
Definitely. My FIL probably setup the policy 15 years ago and never gave it a second thought. He specifically wrote this person out of his will, though, so I'm not stating my opinion about his feelings about the secondary beneficiary. It's a fact that he didn't want this person to receive a penny from his estate and definitely wouldn't have wanted this person to benefit from the death of the child.
Anyway, judging by the downvotes, this is a little too much drama for the money board.
Carry on.
Posted on 1/19/21 at 2:44 pm to whitefoot
This sounds pretty sketchy. Are you sure about that or are you just trying to screw this guy out of the money so you or someone else can have
Just wondering because you see some crazy shite when it comes to people fighting over inheritance
Just wondering because you see some crazy shite when it comes to people fighting over inheritance
Posted on 1/19/21 at 2:59 pm to whitefoot
quote:
Does anyone know if the executor of the estate make changes to the beneficiary on this policy after the death has occurred
No, come on man that is a no brainer
Posted on 1/19/21 at 3:21 pm to Pelican fan99
quote:
This sounds pretty sketchy
Definitely not trying to do anything sketchy, here. It's not enough money for anyone involved to compromise their morals over. The secondary beneficiary was specifically written out of the will and basically ruined the deceased child's life. This person has been estranged from the family for several years.
Anyway, thanks for the responses. I assumed it was too late to change the beneficiary, but figured the experts on the money board would know for sure.
Posted on 1/19/21 at 3:26 pm to whitefoot
You need to see a lawyer to review the exact circumstances. Generally, the answer is no but there are some extremely rare circumstances where it has been allowed even in a post-ERISA environment.
Posted on 1/19/21 at 3:28 pm to whitefoot
The date of death will remain the same no matter what and when the insurance company sees the claim, they’re not going to just ignore that change of beneficiary.
Then why was that person the secondary beneficiary?
quote:
The secondary beneficiary was someone my FIL and nephew would not have wanted to benefit from his death.
Then why was that person the secondary beneficiary?
This post was edited on 1/19/21 at 3:29 pm
Posted on 1/19/21 at 3:35 pm to Dixie Normus
quote:
You need to see a lawyer to review the exact circumstances. Generally, the answer is no but there are some extremely rare circumstances where it has been allowed even in a post-ERISA environment.
Thanks. Based on the responses here, I've got it on my list of things to discuss with the estate attorney.
Posted on 1/19/21 at 3:39 pm to TDsngumbo
quote:
Then why was that person the secondary beneficiary?
Because people who don't spend an hour or two a day on the TD money board don't think about maintaining their policy beneficiaries properly?
My FIL still had his wife as the primary beneficiary on his death policy and she's been deceased for almost 6 years now.
Posted on 1/19/21 at 3:53 pm to whitefoot
quote:
Because people who don't spend an hour or two a day on the TD money board
Ha, yes. I get it OP. Sucks.
I'm guessing its something like this and there's likely nothing that can be done:
1.) Grandfather gets Life insurance on grandkid with Grandfather and father as beneficiaries
2.) Father (grandfather's Son In Law) becomes estranged POS
3.) Grandfather passes away
4.) Grandson passes away
5.) Estate does not want Father to get life insurance from Son's death
I don't see a way around it but I am by no means even in the business.
This post was edited on 1/19/21 at 3:55 pm
Posted on 1/19/21 at 4:09 pm to baldona
quote:
baldona
Ding ding ding.
Exactly, except estranged POS was an actual son, not son in law, hence the need to specifically write him out of the will.
Like I said, it's a small policy, and I didn't want to call the estate attorney just for this.
Changing the beneficiary was on the list of things to do, but just didn't get around to it in time.
The estranged POS probably doesn't even know about the policy.
This post was edited on 1/19/21 at 4:12 pm
Posted on 1/19/21 at 4:12 pm to whitefoot
quote:
The estranged POS probably doesn't even know about the policy.
I'm not sure how this works, but you may be able to assist the insurance company in slowing down the payout. Or not assist them in paying out I should say. As in not give them his current contact information.
They'd probably eventually give it to the state's collection agency whatever those are called I can't remember.
Posted on 1/19/21 at 4:34 pm to whitefoot
If you are the executor of your father in laws estate, then it looks like the mistake is on you for not changing it before the insured passed away (sounds like they didnt pass away at the same time).
Im not trying to be mean. But this one is on you.
As another poster said, you dont have to help the dad receive the funds.
Im not trying to be mean. But this one is on you.
As another poster said, you dont have to help the dad receive the funds.
Posted on 1/19/21 at 5:04 pm to meansonny
I'm not the executor, but nobody is being blamed or trying to escape blame here. Just trying to figure out if it's too late to do anything about it now. There have just been bigger fish to fry than what basically amounts to burial policy on a teenager.
Posted on 1/19/21 at 5:56 pm to whitefoot
Here is what I do know, there are lawyers in hot stand by ready to bill you hourly to remedy your problem. It will take approximately as long as it takes to burn thru most of the estate funds and they will ALWAYS BE THIS CLOSE to a resolution and eventually the person listed in the policy will still get the funds and the rest of the estate will have been dwindled.
Like someone else said, if you are the executor, it really was on you to make sure EVERYTHING was in place and correct prior to the death.
Sorry
Like someone else said, if you are the executor, it really was on you to make sure EVERYTHING was in place and correct prior to the death.
Sorry
Posted on 1/19/21 at 6:50 pm to whitefoot
Not my area of the law, but my understanding is that listed beneficiary on the policy uber alles.
Tons of caselaw pertaining to people who got divorced and never updated, etc.
Tons of caselaw pertaining to people who got divorced and never updated, etc.
Posted on 1/19/21 at 9:56 pm to whitefoot
Chalk it up to a life lesson to review beneficiaries annually. Hell all our life insurance policies make us review them annually.
Posted on 1/19/21 at 10:08 pm to whitefoot
If there is a living beneficiary (the alternate) it goes to that person. The executor only takes control of the policy if there is no living beneficiary in which case the proceeds become an asset of the estate. So you are SOL. . At least that is how it would be in Louisiana.
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