Hawaii
My friend is named as a contingent beneficiary on a Prudential life insurance policy behind a beneficiary which is a trust. The owner of the insurance policy recently died and the trust cannot be found so my friend would like to collect the proceeds of this policy. However, her attorney is telling her that it would be better to have the money transferred to escrow and then to attempt to collect from there. My friend is hesitant to do this since she thinks it will just increase her legal fees and she should be able to collect directly from Prudential.
I have a couple of questions: 1) is there a time limit or some legal standard to determine that if a beneficiary cannot be located the contingent beneficiary will be given the money? 2) does it make sense to transfer the money to escrow instead of trying to force Prudential to pay directly?
There will be some opposition to her getting the money from the relatives of the people who were supposed to have been named in the trust which can't be found.
Thanks for any insight.
BruceWhat is the name of your state (only U.S. law)?
My friend is named as a contingent beneficiary on a Prudential life insurance policy behind a beneficiary which is a trust. The owner of the insurance policy recently died and the trust cannot be found so my friend would like to collect the proceeds of this policy. However, her attorney is telling her that it would be better to have the money transferred to escrow and then to attempt to collect from there. My friend is hesitant to do this since she thinks it will just increase her legal fees and she should be able to collect directly from Prudential.
I have a couple of questions: 1) is there a time limit or some legal standard to determine that if a beneficiary cannot be located the contingent beneficiary will be given the money? 2) does it make sense to transfer the money to escrow instead of trying to force Prudential to pay directly?
There will be some opposition to her getting the money from the relatives of the people who were supposed to have been named in the trust which can't be found.
Thanks for any insight.
BruceWhat is the name of your state (only U.S. law)?