children recieving

[jusclaandus]

What is the name of your state? Maryland

My boyfriend of 12 years has 7 children 2 of which are his and mine (my kids with him are the youngest) he has 3 different life policy's in which i am the sole reciver of the benefits
he also has a 16 year son he is now taking care of (he lives with us and will until age 18)
the 16 year old has his own 25 thousand dollar policy that he is the sole reciever of if his father dies

my question is can any of the other kids mothers contest the policys so that there kids would get a share

my boyfriend pays the monthly bills for them
and there is no will

the other kids are ages 19,18,12 and 10

the 16 year old lives with us but his sister is the 18 year old
and our children are ages 4 and 3

2 of the mothers are ex wives

thanks

 

[Betty]

What is the name of your state? Maryland

My boyfriend of 12 years has 7 children 2 of which are his and mine (my kids with him are the youngest) he has 3 different life policy's in which i am the sole reciver of the benefits
he also has a 16 year son he is now taking care of (he lives with us and will until age 18)
the 16 year old has his own 25 thousand dollar policy that he is the sole reciever of if his father dies

my question is can any of the other kids mothers contest the policys so that there kids would get a share

my boyfriend pays the monthly bills for them
and there is no will

the other kids are ages 19,18,12 and 10

the 16 year old lives with us but his sister is the 18 year old
and our children are ages 4 and 3

2 of the mothers are ex wives

thanks

Usually life insurance proceeds are payable to the named beneficiary on the application - 3 to you & 1 to son. Did your boyfriend set up a guardian or trust with a trustee to handle the money for the 16 yr. old if he passes away before the 16 yr. old is of age? Was there a divorce agreement with the ex wives that he maintain ins. on his life with his ex wives and/or children he had with them as beneficiaries? If there was & he didn't, this could be a problem.

 

[jusclaandus]

Usually life insurance proceeds are payable to the named beneficiary on the application - 3 to you & 1 to son. Did your boyfriend set up a guardian or trust with a trustee to handle the money for the 16 yr. old if he passes away before the 16 yr. old is of age? Was there a divorce agreement with the ex wives that he maintain ins. on his life with his ex wives and/or children he had with them as beneficiaries? If there was & he didn't, this could be a problem.

i am to take care of the 16 year old if his father dies (he does not want to go back to his mother unless he is made ) so no there is no offical guardian just word of mouth

no none of his 2 divorce agreements stated he had to set up life ins (i read the second degree myself ) and remember reading the 1st years ago
no pun intened but the moms where to busy making sure they got child support




my S/O 's thing is that the mothers all no his line of work and that he has told them to get the policy's them selves and he will sign them no one ever did

the 16 year old has one because he came to live with us at the beginning of the year



(when my mom passed 4 years ago and she only had AD&D insurance we understood the inportance of whole or term life insurance)


but otherwise none of the other mothers have been concerned with life ins on him

 

[Betty]

Ok - then the proceeds of the 3 policies you are named bene on should be payable to you. Going by the info in your post if the ex-wives did happen to contest the payments to you, they should not win.
What is boyfriend's line of work?

 

[jusclaandus]

Ok - then the proceeds of the 3 policies you are named bene on should be payable to you. Going by the info in your post if the ex-wives did happen to contest the payments to you, they should not win.
What is boyfriend's line of work?

private detective/executive protection

he tends to piss people off alot lol

 

[Betty]

private detective/executive protection

he tends to piss people off alot lol

Ok, thanks. I was mainly just curious since you said the ex-wives know of his occupation & still didn't seem too concerned about ins. on his life. The policies he named you bene on the ins. co. will pay the proceeds to you. (though, as in all policies they issue, if the policies are still in the contestable period (normally 2 yrs.) when your bf dies, they could contest payment of the proceeds if they felt there was a material misrepresentation on the applications where if they had the correct info they would not have issued the policies.) The other pol. should be payable to someone for the son if still a minor when his father passes away - otherwise if he is no longer a minor at father's death, the proceeds should go directly to the son.