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Lost Trust documents

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BDHK

Junior Member
What is the name of your state (only U.S. law)? Pennsylvania

I have a client in VA who passed away. His life insurance had as beneficiaries 2 attys as trustees for a trust set up in 1980. No one has the trust documents and neither atty is willing to sign off so the proceeds can be payable to the estate.(one retired 15 years ago and the other had no idea he was named and did not know the deceased.) What can I do as the agent to expedite the payment.What is the name of your state (only U.S. law)?
 


curb1

Senior Member
So what happens to the proceeds? Does the life insurance company just keep the money? Or, does the company turn the money over to the attorneys (trustees) and they keep the money?
 

TrustUser

Senior Member
So what happens to the proceeds? Does the life insurance company just keep the money? Or, does the company turn the money over to the attorneys (trustees) and they keep the money?
hi curb,

before a company releases money, it wants to know that it wont be on the hook for releasing it incorrectly.

in this particular case, i suspect that a court will need to get involved.
 

Dandy Don

Senior Member
Very odd that the attorney is not willing to sign off on something that he could potentially benefit from if he is also a beneficiary. If I were you I would be consulting with an attorney who specializes in insurance disputes and/or bad faith insurance cases to see what the insurance company says about this and whether there is case law regarding similar situations such as yours. An interpleader lawsuit in court may eventually be necessary if there are no contingent beneficiaries named for the policy. Maybe the attorneys will be more inclined to sign off if the estate offers to pay them part of the proceeds if the estate is eventually paid.
 

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