QUESTION
Can I claim those that my brother is on with his permission to represent him in order to gather monies and distribute to grandchildren?
Asked on Feb 26th, 2016 on Estate Planning - California
More details to this question:
I have only pieces of the family trust. The property that was in the trust was quit deeded out, before they passed it’s been 7 years and nobody has claimed anything. I have everything I need to claim the benefits but I'm not the beneficiary on the policy. Those that are on the policy such as my brother doesn't care because at the time, my parents passed. We had contacted the insurance policy and they stated we had nothing coming because policy had lapsed! We hung up and that was that. But now I was going thru paperwork and it seems they had at minimum death benefits in the policy, $200,000 each.
1 ANSWER
Your question confuses many facts. If the insurance policy lapsed, there is no death benefit; there might be a provision that a certain amount is paid back of the premiums paid but you have to look at the contract. If they had to pay the death benefit, a person could make the first premium payment and then never pay again but their beneficiaries could claim the death benefit; that makes no sense. As to the Trust, the assets in the trust must be distributed as stated in the Trust; if a beneficiary waives their right to any asset, then you have to look at the terms of the Trust to see what has to be done. If your brother rejects assets, you have no right to collect them unless the Trust so states. ?I am unsure if the Trust can pass real property by a quit claim deed, but it certainly can not to someone not named as the beneficiary of the Trust property.
Answered on Mar 30th, 2016 at 5:41 PM