Beneficiary dies

[Cooterbug]

The other month I found out my Dad had a life insurance policy worth $100, 000. His beneficiary was a friend -also his power of attorney. My dad passed away in October of 2008 that friend then passed away this past July. I had lost contact with my dad for many years but reconnected with him five years ago, and it didn’t cross my mind he would even have a policy. For one, he was on disability. I now have all the paperwork for the policy and statements stating my dad paid the premium monthly out of his bank account. My dad has been in and out of treatment centers, & hospitals for most of his life especially at the time he signed his friend as the beneficiary 10 yrs ago.. My sister and I have tried to ask for some money out of kindness of the heart. No positive response. Is there any legal way we are entitled to my dad’s money? The money is in the hands of a family who barely knew of my dad, and it makes me mad. Any suggestions

 

[Dandy Don]

Has the insurance company already paid the man's estate? If so, then it is regrettable that you will not be able to receive any of this money, since it belongs to the beneficiary's estate.

 

[racer72]

It was never your father's money, it always belonged to the beneficiary. Ever hear the term "Life insurance is for the living, not the dead"? That applies in this case except the living did not live long enough to enjoy it.

 

[justalayman]

You need to understand your father designated the beneficiary. HE chose to name the friend. Why he did it will apparently never be known but there could be myriad reasons.

maybe he owed the friend money for something. Maybe the friend did a lot of work for your father for no pay and your father felt he owed the friend something.

In truth, it really doesn't matter. Your father named who he named as bene and that is the end of the matter.

quit asking them for money that you have no claim or right to. It's tacky.

 

[Cooterbug]

where's the legal advice?

Wow...didn't expect these answers. Shocked actually! I was hoping to get legal advice not telling me i'm tacky for asking for money. I've heard you could try to prove one was not in the right state of mind when signing the beneficiary. What is tacky is my sister and I asking his friend, J, if my dad had a life policy and he said NO straight to our face. J being the power of attoney, was the one writing all the checks out monthly, my dad probably didn't even remember he had a policy. Otherwise, i know for a fact he would've put his daughters down as he did in his will. Being an acholohic so long really did damage to his rational thinking.

 

[justalayman]

I was hoping to get legal advice not telling me i'm tacky for asking for money.

well, you got a bonus answer for no additional cost. Feel special. I don't do that for everybody/

 

[anteater]

I've heard you could try to prove one was not in the right state of mind when signing the beneficiary.

Yes, you could try to prove it. But, realistically, how are you going to show that he lacked legal competency 10 years ago at the time he made the beneficiary designation? Alcoholism does not equate to a lack of legal competency.

Otherwise, i know for a fact he would've put his daughters down as he did in his will.

You have no way of knowing that. And, what you "know" is irrelevant.