Change beneficiary from spouse to sister in TX.

[rgnair]

What is the name of your state? TX.

1. Can I change the beneficiary of individual term life insurance which I bought recently from my wife to my sister.

2. What is the legal way of doing it in Texas.

3. Can I use 'Change Beneficiary Form' from the insurance company and notarize it with wife's signature.

4. Is there any need of any witness signature.

 

[ALawyer]

Each insurance company has its own processes. Call them and ask to be on the safe side.

A couple of thoughts -- as I believe Texas is a community property state, the income you earn is considered half your wife's. So if you pay the premium with income, she MAY have some claim to part of the proceeds. So to be sure you masy want to get your wife to sign something confirming that she waives any and all community property rights in the policy and any premium you hereafter pay even if it comes from joint community funds, or you can pay the premium from your separate property or income.

 

[rgnair]

Thanks a lot

Thank you very much for your prompt response.