QUESTION
Can someone give me some advice in regard to my Deceased Husband's Life Insurance?
Asked on May 23rd, 2013 on Estate Planning - Colorado
More details to this question:
My husband has recently passed away. He had a life insurance with his father as the primary beneficiary. Since my father and mother-in-laws are well-to-do, they agree to disclaim my husband's life insurance and have me claim it instead, so that I can use it to pay off the funeral expenses. I contacted the life insurance company, and they said that my in-laws need to fill out certain forms, and then they can move my husband's life insurance to the estate. I am a foreigner who is not familiar with American laws. Thank you for your time and attention.
15 ANSWERS
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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I am sorry for your loss. You should hire an attorney who can walk you and your in-laws through the disclaimer process. It must be completed within 9 months of the date of death.
Answered on May 27th, 2013 at 9:18 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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If the insurance company has the forms, that will help. If not, then you can have a lawyer prepare the disclaimers.
Answered on May 27th, 2013 at 8:24 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Seek the assistance of probate counsel to assist you. Counsel will be able to complete the necessary documentation to obtain the disclaimer of benefits that are presently payable to your inlaws.
Answered on May 27th, 2013 at 7:41 PM
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If the insurance is less than $28,000 and they have not made taxable gifts to you this year, it is easiest of they get the proceeds and them gift the monies to you. That avoids probate issues.
Answered on May 24th, 2013 at 2:29 PM
You need your in-laws to fill out the paper work. Then the proceeds of the insurance policy will go into your husbands estate, which may need to be probated. If there are only limited assets worth less than $100,000 then you can do a short form probate. There are books in your local library by Nolo Press that deal with estates, trust, and probate and are written for non-attorneys to understand.
Answered on May 24th, 2013 at 12:55 PM
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The quickest, easiest way to get accomplished what you want is to have the parents claim the proceeds and give them to you. There are no tax consequences to them doing so and it will get the process done quickly and easily. Insurance companies don't like to do anything that does not conform with their procedures.
Answered on May 24th, 2013 at 12:55 PM
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I'm not really sure what you're asking me to do.
Answered on May 24th, 2013 at 12:55 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Get the forms from the insurance company, have your spouses parents fill them out and send them in.
Answered on May 24th, 2013 at 12:55 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You do what the insurance company said. You have your in-laws fill out the forms and then you open a probate estate for your husband. Then the insurance company will pay the proceeds to the estate. I suggest you get an attorney to help you with the probate issues.
Answered on May 24th, 2013 at 12:53 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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They should retain counsel ASAP to help them with the disclaimer. It is time-sensitive and must be done properly. After disclaimer, the property will pass as if the primary beneficiary had predeceased. Consult with the life insurance company on whether there was a contingent beneficiary or if not what exactly would have happened if father had predeceased. That is very important. But most importantly, the potential disclaimant should retain counsel to advise and prepare the disclaimer timely.
Answered on May 24th, 2013 at 12:53 PM
Yes, you can fill out the forms with your in-laws and have the insurance proceeds redirected.
Answered on May 24th, 2013 at 12:52 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Since your father-in-law is the beneficiary, he will have to make the claim for the insurance proceeds. The easiest way would probably be for him to receive the proceeds and then turn them over to you.
Answered on May 24th, 2013 at 12:51 PM
Your inlaws will need to sign disclaimer documents. They can obtain these by visiting with an attorney specializing in estate administration. What the insurance company told you may be correct. This depends on whether your husband named a contingent beneficiary for the life insurance policy. You would be best served by working with your own attorney because if the insurance proceeds are left to your husband's estate, you will need to probate the estate to obtain the proceeds.
Answered on May 24th, 2013 at 12:51 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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They are exactly correct, just tell your in-laws or you can contact the insurance company and have them send the forms to your in-laws for their signatures. It cannot put you as beneficiary but again, it will be payable to the Estate then you would have access, as his spouse or Personal Representative, to pay his expenses, like funeral expenses.
Answered on May 24th, 2013 at 12:51 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Everything which you related is correct, but, it is apparent that your will need counsel to assist you in properly accomplishing it.
Answered on May 24th, 2013 at 12:51 PM