I have ownership to a insurance policy my Mom left my Dad wants me to sign it over to him do I have ro?

Question

My Mom passed away a few months ago and my father already remarried. I recieved a letter from my dad asking me to sign ownership of a life insurance policy my Mom had to him. If I don't he said he will probate the will. My dad has given his new wife all of my Moms' jewlry and my siblings and I nothing. Now he comes up with this. Do I have to sign? If he probates it will he win? I have never even seen my Moms will - should I ask for a copy? The woman he married is wanting him to now leave her everything when he dies. My Mom wanted everything split equally between the kids before she died and I am sure she never thought my dad would remarry 4 months after her death and after 49 years of marriage. My Dad is also very ill. Does anyone have any answers or advise? I could really use some feed back.

Answer 1

The question here is who owned the policy? The owner of the policy is not necessarily the person insured, but the person who bought the policy and paying the insurance premium. Who was the insured person? Is it your mom or your dad?
To know these stuff. Do the following:
1. Know the insurance company.
2. Know the insurance policy number.
3. I will not expect that you have the policy condition. But try to visit the insurance company. Bring your identification with you and all papers you will need, but be shrewd in handling papers dont leave them original keep it always with you.
4. Ask the insurance company about the policy and if you have doubt try to ask the copy of the policy itself, the authentic copy for sure is the one with signature of the owner.
5. If you will not be happy with the insurance company's explanation then try to check your local authorities handling all insurance companies, I know there is.
Be careful in signing documents, if you are a minor, try to seek the advise of the social welfare in your area.
(try also to inquire the beneficiary and if your mom is insured or not).

Answer 2

If you are the owner of the policy, and the beneficiary, you can claim the payment now. Life Insurance does not go through probate, and your dad knows that and is just trying to bully you. Sounds like you lost both parents when your mom died. Sorry to hear that. Take the money your mom wanted you to have, and split it with your siblings if you wish. Do some good on your mom's behalf and wishes.

Hope this helps.

Answer 3

Let me qualify this answer with this preamble: The law of succession is very state specific.
The first question I have is this: are you positive that your mother died with a will? (lawyers use the term "testate"). If she did, then, under my jurisdiction, the issue of probate is not really a threat, and here's why:
To "probate" a will simply means that the authenticity of the will is being tested and legal formalities drawn into question. Ownership will be decided based on whether or not the will provided for the transfer of title. If it did, barring a violation of public policy or inconsistency with state law, the will prevails. If it did not, you will be under the law of intestate succession (no will) in your state. Those default rules will determine what goes where. In my state, you (along with siblings) would be the "naked owner" of the property and your father the "usufructuary," meaning that he has USE of the property until his death, having an obligation to restore the full value of the property to you and your siblings upon his death. For example, with money, say $100K that your mom would have left, you and your siblings OWN the money but your father has the right to USE it until he dies. Once he dies, his estate must return to you and your siblings the full $100k pro rata.

MAKE SURE TO CONSULT A LAWYER no matter what you decide to do, but I would say to tell him to knock himself out if all he can threaten to do is probate the will. In my state, you need court action to put into possession of the property anwyway, so he doesn't threaten all that much.

Answer 4

Do you have conservatorship and/or power of attorney? If not, you need to get a judge to give you that. That would give you the power to make decisions for your mother. Second, anyone can pay for the policy to keep it going. You do not need ownership for that. But paying still gives you no rights to the policy. And, ownership makes no difference once your mom passes on. The beneficiary gets the money once that happens. Back to your question: Medicade may count the life insurance as your mom's asset and that is probly why you want to transfer the ownership. Get a power of attorney and you probly can transfer the ownership. Call the life insurance company to verify.

Answer 5

No, you don't have to.

You don't own the policy - it's been PAID out to you, right??

And, for the record, "probating the will" means, enforcing the will. Which has to be done by law. Maybe you mean "contesting the will"?

Yes, every will has to be probated. If her will says, give the jewelry to the kids, he has to do it. If there IS a will, and he has NOT had it probated, you need to check with your local clerk of courts to see how you can make him produce it. Sounds like he's hoping you don't know what the word "probate" means, and is trying to get whatever money your mom had the insurance pay to you.

Answer 6

Don't do it. It's your mom's WILL. What should her will be? What would she want you to do? You already have the answer to that.

It might really piss your dad off, and I know that will be uncomfortable for you, but you need to do it. If you can, find strength in what your mom would want you to do.

Phone around - just 3 attorneys who specialize in wills. It's easier to do over the phone. Briefly explain your situation like you did here - and ask "how much do you charge per hour and how much do you think your assistance on this would cost?" It's a normal question - they get it all the time.

INSIST to dad that you see a copy of the will. Just say "hey dad, it's a legal document that my NAME is on. You'd want to see a legal document that your name's on too." If he's uncooperative, you can find out the name of your mom's attorney through other family members.

I'm sorry you have to go through this. Stay strong and don't cave in.

Answer 7

Ha. This is simple. Under normal circumstances, when the wife dies, the insurance money automatically goes to the husband. So, in this case, why does your dad even need you to sign anything? He can just claim the money straightaway. I am guessing that this insurance policy your mom bought has your name on it as beneficiary already. If so, you should make an insurance claim asap.

Answer 8

Was this life insurance policy on your mom or your dad. If it was on your mom and you are the beneficiary, DO NOT sign it over. It sounds like the new wife wants the money. I also would not sign over ownership if the policy is on your dad. If it is on your dad you have control over who the beneficiary is.

Answer 9

look, if your mum have had it under your name then you don;t have to sign it to your dad. I don't know if you have the authority to ask for your mum's will, but check with a lawyer about your rights over this issue have no harm. rather obvious that that woman is after your dad's property and assets. So the best is that you go check with the legal side over this before that woman gets her hands on YOUR assests your mum left you.

Answer 10

Insurance policies with designated beneficiaries are not subject to probate. If she failed to designate a beneficiary then you can hassle it out in court but he would have a distinct advantage as surviving spouse. We just went through this with my dad and his surviving girlfriend.