Beneficiary Last Name is wrong on the Life Insurance Policy

[Zigner]

Pity the check was issued to a name. She is welcome to litigate the issue and the court can find the equity in the situation.

If she can prove that she was the Ms. Fisher referenced in the policy at the time the policy was issued and that her name was only changed to Faulk by virtue of a future marriage, she will have no problem at all collecting the money. Has nobody ever heard of the phrase "maiden name"?

 

[ecmst12]

But there won't be a question as to whether she is the person he intended to name, if th SSN matches.

 

[tranquility]

If she can prove that she was the Ms. Fisher referenced in the policy at the time the policy was issued and that her name was only changed to Faulk by virtue of a future marriage, she will have no problem at all collecting the money. Has nobody ever heard of the phrase "maiden name"?

Um...no. Here's what will happen. Former girlfriend will claim money. Estate will claim money. Insurance company, who is willing to pay money, does not know who gets it under law. They will throw it into a pot called "impleader". Everyone gets to talk to the judge who will decide who gets it. He is not going to decide a former girlfriend who has no claim other than that the deceased wanted to take care of his wife has many rights to the money. It has happened in wills, but I have not done a search for beneficiaries. If someone gives me more than "that's what he said" I might research more. Until then, I can't see a judge awarding it to an ex with no relationship and no long-term monetary issues between the two. (Which are why the facts are important.)

Bottom line is that those who think the beneficiary designation is IT, period, are wrong.

 

[tranquility]

But there won't be a question as to whether she is the person he intended to name, if th SSN matches.

Interesting theory. Tell it to the IRS. They get mismatch problems all the time and resolve them differently. Maybe this is different. Do you have a legal citation?

 

[Zigner]

Um...no. Here's what will happen. Former girlfriend will claim money. Estate will claim money. Insurance company, who is willing to pay money, does not know who gets it under law. They will throw it into a pot called "impleader". Everyone gets to talk to the judge who will decide who gets it. He is not going to decide a former girlfriend who has no claim other than that the deceased wanted to take care of his wife has many rights to the money. It has happened in wills, but I have not done a search for beneficiaries. If someone gives me more than "that's what he said" I might research more. Until then, I can't see a judge awarding it to an ex with no relationship and no long-term monetary issues between the two. (Which are why the facts are important.)

Bottom line is that those who think the beneficiary designation is IT, period, are wrong.

The beneficiary is a PERSON. The name is an identifier of the beneficiary - the name is NOT the beneficiary.

Let's say that I identify the beneficiary of a policy my son, Robert Smith, born on 1/3/85. I have no other sons. But, oops, I made a spelling error. My son is actually Roberto Smith. Do you think Bobby's going to have a problem collecting?

 

[tranquility]

The beneficiary is a PERSON. The name is an identifier of the beneficiary - the name is NOT the beneficiary.

Let's say that I identify the beneficiary of a policy my son, Robert Smith, born on 1/3/85. I have no other sons. But, oops, I made a spelling error. My son is actually Roberto Smith. Do you think Bobby's going to have a problem collecting?

Contrarily, let's say it was for my wife, Susie Smith. Susie Jones, who was to be my wife, never married me.

Compare and contrast to our facts.

This is not a spelling error.