children on life insurance...

[VeeGee]

What is the name of your state? NY

My ex and I divorced 13 yrs ago...on the divorce papers it states:

Husband shall maintain a life insurance policy in the amount of xxxx dollars naming the children of the marriage as irrevocable beneficiaries with the wife named as trustee.

"irrevocable" beneficiaries...exactly what does that mean?
Also, can he legally cancel the policy...and take our children off?

thanx in advance

 

[ALawyer]

Irrevocable, in this case, means the beneficiaries are not to be changed -- and sometimes that can be done in the policy itself.

Failure to comply with the decree is a violation of the decree, and you probably can seek to compel him to comply, and enforce the decree, as you would any other non-ccmpliance. The divorce lawyer is the one to ask.

 

[VeeGee]

ALawyer.....so what your saying is he cannot legally he must keep the children as beneficiaries? He is remarried now and has 2 other children...I have a feeling he took our children off and put the new ones on. Also...you said that failure to comply with the decree is a violation of the decree...would that mean he must comply to everything that is said in the divorce decree?

 

[VeeGee]

also....if he should pass...and our children were taken off the policy, or never put on one to begin with ( he does things like this) but maintains one for his new children...would I be able to fight this?

 

[Dandy Don]

It would be virtually impossible to resolve this matter after he is dead, since he would probably get off scot-free.

You need to consider getting the divorce decree revised with a little bit stronger terms, asking it to require him to provide you with the name and address of the insurance company and a copy of the policy so you can at least have the advantage of being able to check on the status of the policy on an annual basis to see if the premiums have been paid up-to-date, and also there needs to be language in there that discusses what happens in the event he does change the beneficiaries names to the new children or if he quits making premium payments and lets the policy lapse, how to make the original children eligible for a certain share of his estate (although this is somewhat risky because you don't know if he will have enough assets left in his estate at time of death) or some other alternative.

 

[VeeGee]

thank you so much...do I have the divorce decree revised with the court that we were divorced in? Or do I need to see a lawyer?

 

[Dandy Don]

I really do not know the answer to your question. What county and state were you divorced in? I would assume that you WOULD have to go through that court, but if that would be inconvenient or a hardship for you, then perhaps an exception could be made for you to do it where you live now. It would be BEST to have it done at the court where the original divorce was obtained. Where does your ex-husband live now?

 

[VeeGee]

The divorce was in NJ and he still lives there......I live in NY?