demutualization

[rghjudi]

What is the name of your state?New York
My mother held life insurance policey/policies since 1947 and they were demutualized. It is my understanding that by demutualizing life policies become shares of stock in the company who issued the policey. (John Hancock) What happens to the benificiary of the policey? Would they be the shareholders?
Such a situation has happened to me, I believe I was the benificiary of the policey, as trustee of my mothers estate my sister was paid the demutualization checks but did not notify me, these checks were not deposited into the trust account in fact I don't even know how much was paid? I did confront her and got a real run around but no answers.
Another question, She attempted to cash in a life policey that I was benificiary to, but on the claim form there is a clause that if you are the trustee in order to pay on this policey you must have a special type of form or credential authorized by the court, not wanting to go that route she informed me of the policey, and I thank God that John Hancock has such a procedure. Do other companies?

 

[Dandy Don]

Since asset was converted from policy into stock, the beneficiary's interest is cancelled and the stock if still held in decedent's name is able to be claimed by executor/trustee.

What year did the demutualization occur? If you contacted the Hancock company directly they would probably be able to clear up any questions you have about this.

 

[ALawyer]

The policyowner -- NOT the named beneficiary -- was the one who received the right to shares in the demutualization or cash in lieu of shares IF ALIVE at the time the demutualization was effective. If your mother was alive at the time of demutualization, she got the shares or cash, or her estate did. If your mother was dead, and you were beneficiary and had not yet been paid, or were paid via a John Hancock retained asset account, you'd have gotten it.

Hancock is a god company by and large and if you contact them, they'll tell you what was up. If your sister embezzled money belonging to you or the estate, that's a different matter.

 

[rghjudi]

New York
Thank you "ALawyer" for your response, am in contact with Hancock via EquiServe, caught them Friday including etc., got an acknowlegement but have to wait til Monday for additional info
Yes my mother was alive at the time, and yes to embezzeling. The reality of it all has overwhelmed me, but facts are facts.
Now that I have your attention I have another question.
What has to be presented to a judge in order to have bank records supoena? I have an attorney but we haven't gotten to that part yet, would proof of altered bank statements be sufficient, along with proof of trustee commingling her own monies?
Thank you again Judiand