Beneficiary Question

[bparker]

What is the name of your state (only U.S. law)? NC

Can anyone be named as beneficiary by the policy owner? We have a situation where my father-in-law named his kids beneficiary on a policy he had on his second wife. The wife gave everything to her kids (will) do they have a claim to the insurance money?

 

[Dandy Don]

Of course they do. The children's parents will probably be asked to put this money into a trust or savings vehicle that they can not access until they are adults or want to go to college.

 

[ShyCat]

I have no idea what question Dandy Don thought he was answering.

Yes, a policy owner can name his own kids as beneficiaries. The second wife's will giving everything to her own kids has no bearing on a life insurance policy that (1) is not owned by her and (2) has named beneficiaries. The policy owner gets to dictate beneficiary designations, not the insured.