My father-in-law was the primary beneficiary in a life insurance policy for my mother-in-law. Since receiving the money, he uses it to buy drugs and drinks all the time. He also has a restraing order against him and two DUIs cases pending. Is there anything that his three children can do to get the money away from him?
2007-01-13 14:22:39 · 13 answers · asked by Amy H 1 in Business & Finance ➔ Insurance
Not a single thing! If there was no will and just a policy it is a legal contract and it will not be over turned.
2007-01-13 14:28:07 · answer #1 · answered by matty441 3 · 0⤊ 0⤋
Where the children under 18 when she took out the policy?My daughter was under 18 when I took out mine.Because she was under 18,I had to make someone other then her, the beneficiary of the money.The person is legally responsible for placing the money in a fund for her if I die before before she's 18.If he was suppose to place a percentage in a fund for the children, and he didn't,he could be sued.If not, not to much can be done.
2007-01-13 22:43:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If he was the named beneficiary, then it is his money to do as he pleases with. Even if there was a will it wouldn't affect the insurance policy.
Wills are just direction for settleing the estate. Life insurance proceeds bypass the estate if there is a named beneficiary.
2007-01-14 00:08:57 · answer #3 · answered by J. B 3 · 0⤊ 0⤋
As far as receiving the death benefit, no one but the designated beneficiary has any legal right to the funds initially. Now that those funds are his personal property, they are fair game to any creditor or anyone having a legal claim to his assets.
2007-01-14 03:45:09 · answer #4 · answered by Rob D 5 · 0⤊ 0⤋
LIfe insurance avoids probate. Therefore, you can do nothing. Don't waste your time paying a lawyer. No matter what, there is nothing they can do. Even if she had a will, the life insurance does not factor in at all. Sorry she made such a bad choice for her childrens sake.
2007-01-14 03:27:53 · answer #5 · answered by Susan C 3 · 0⤊ 0⤋
It's too bad their mother didn't leave a will. If it's enough money maybe a lawyer could help them get it.
2007-01-13 22:30:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the only way you can change this is to take it to court
it is not usual that you will be able to take it away from him.
sorry but that is the facts for I have seen it too many times
2007-01-13 22:31:28 · answer #7 · answered by Cherish B 3 · 0⤊ 0⤋
Nonetheless... if children are not beneficiaries, it's tough.
2007-01-13 23:10:18 · answer #8 · answered by viggenst 2 · 0⤊ 0⤋
No, he is the beneficiary. It's his money.
2007-01-13 22:29:37 · answer #9 · answered by curiositycat 6 · 0⤊ 0⤋
you cant just take someones money because you can spend it better than him,thats not the way the world works
it is purely his money now and can blow it how he wants
2007-01-13 23:25:12 · answer #10 · answered by swenjj 4 · 0⤊ 0⤋