Collecting on a life span insurance policy?
My father, whom I haven't seen surrounded by years, died recently. According to the divorce regulation, he was to keep going a life insurance policy payable to his children; me my sister, and brother. I be told I have to database a "Demand" that the money from the policy be paid to us. It have already been cashed by his trust, we found out. Where do I carry this form?
Answers:
From a advocate. You'll have to hire one.
Good luck on that, btw. My ex, surrounded by our divorce decree, is also supposed to argue a life insurance policy "payable" to the child. I'm sure he doesn't.
Clearly, if the trust be paid, he didn't prolong a policy payable to the children, or it would have be paid to the children. Your legal representative will probably NOT be able to convert that. Just because he was SUPPOSED to do it, very well, now you can't throw him contained by jail because he didn't.
Also, once the youngest child is 18, he doesn't hold to maintain that policy any more. If at hand are children UNDER 18 still, be sure to have their mother/guardian wallet for social security minor child survivor benefits.
did he make the trust the beneficiary?
Not all language of a divorce settlement agreement, also known as a "divorce bill," are meant to stand contained by perpetuity -- especially agreements made for the care of minor or college-age children. So the first directive of business is to read the settlement's terms. Although your father agreed to provide go insurance in the event of his loss, in adjectives likelihood, this requirement expired when you turned 21 or graduate from college. If the settlement terms aren't explicitly spelled out to your compassion, you should speak with an attorney.
If the life span insurance proceeds have not already be paid, you or your attorney can transport a letter to the insurer contesting the beneficiary. Since the insurer won't want to risk have to pay the claim twice, it will ask that the party come to an agreement; if an agreement isn't reached, the insurer will folder an "Interpleader" request with the appropriate court. The court would later decide who the rightful beneficiary is.
If the benefits hold already been compensated, your attorney can file a request near the court that the funds be "frozen" until the matter is adjudicate.
I would doublecheck your paperwork (decree and policy info), and after contact a lawyer...Sounds resembling the beneficiary was probably changed to the trust at some point, if not it wouldn't have be paid out that means of access...If the insurance company didn't have access to or understanding of the provisions of the divorce decree, they would hold changed the beneficiary when it was requested...Though, as said by others here, near may have be an age limitation (policy simply payable to kids up to age 18 or whatever)...