Life Insurance - My mother just now died and gone a fully salaried up existence policy proposed by her father?
We have contacted the Prudential in the order of this and they are saying that the benificiary would be my mothers father next of kin contained by this case my aunt who is the one and only one from the family still alive. Our conception is that as my grandfather died before my mother it become an own life policy (ie owned by my mother) so it should be cut of her estater ? Any ideas Thanks
Answers: Unless here is more to it than you report, I'm afraid that Prudential is telling you accurate information. In adjectives cases like this, the beneficiary designation is everything. The ownership of the policy does not "automatically" draw from transferred to someone else.
Since the beneficiary was never changed when your grandfather died, his subsequent of kin would be the recipient of the money due him upon your mother's destruction. That is why it's always a accurate idea to detail a "contingent" beneficiary on all IRAs, annuities, energy insurance contracts, etc.
Perhaps you can convince your aunt to do the right thing and contribution you the money.
Get a lawyer... I have to get one when my dad died, for almost impossible to tell apart problem