Father (beneficiary) Wishes to Change Beneficiary After Wife's Death
- Thread starter Seeker11
- Start date
- 15,041
At first I thought this was an obvious question, now I'm thinking you are asking something else.
Was wife/mother is the insured and is now deceased? The beneficiary at the time of death husband/father, wants to change the beneficiary on his wife's policy after her death to be their daughter?
The beneficiary can not be changed after death. You can ask the company if he can refuse the death benefit, somehow disqualify himself from being beneficiary. If so, then the death benefit would flow to the contingency beneficiary or her estate if there is no contingent.
I will add, he may be able to assign the benefit over to his daughter as well. Ultimately you need to ask the company if he can recuse himself somehow or assign it to their daughter.
Was wife/mother is the insured and is now deceased? The beneficiary at the time of death husband/father, wants to change the beneficiary on his wife's policy after her death to be their daughter?
The beneficiary can not be changed after death. You can ask the company if he can refuse the death benefit, somehow disqualify himself from being beneficiary. If so, then the death benefit would flow to the contingency beneficiary or her estate if there is no contingent.
I will add, he may be able to assign the benefit over to his daughter as well. Ultimately you need to ask the company if he can recuse himself somehow or assign it to their daughter.
- 16,880
Yes. Just have the agent fill out a new beneficiary form sign it and send to the company.
If there's no agent you have to call the company directly and go through the mail.
- Thread starter
- #4
- 16,880
- 24,964
That. If the Bene is under assistance he may not want the money to flow to him, directly.
- 2,960
Couldn't you sell the father a single pay with the DB money and make the daughter the owner and beneficiary?
- 15,041
I'm not sure. It probably will depend on if they go to her as a life insurance benefit or as a transfer of assets. Ask the company or better yet, ask a tax adviser.
I would definitely tell him not to file a claim until this problem is resolved.
- 16,880
Depending on his situation that could be considered giving away assets and could get him in trouble.
Best to keep it out of his hands entirely.
This is correct. He should be able to disclaim the death benefit. My understanding is that in this situation (disclaiming a death benefit), the primary is assumed to have died immediately before the insured...making the proceeds of a life policy likely tax free to the contingent bene/estate. You should consult with both the carrier and a tax advisor though (unless you're an attorney or an accountant) in conjunction with all parties.
In addition to what VolAgent said above, make sure that there are no other primary beneficiaries as well (as this can create a mess).
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