EX-Spouse as Beneficiary

[ComingHome]

What is the name of your state? Missouri

My father acquired $500,000 in life insurance policy in 1997, naming his wife as beneficiary. This wife is his second, and is not the mother of any children.

Wife acquires and gambling problem. 2004 Father utilizes $75k from retirement account, plus takes out another $75k in debt to bail her out with the condition that she must get help for gambling problem. 2006, Upon learning that she is still gambling, he divorces her. In divorce decree she waives any claim to his retirement account and there is no reference to life insurance policies in dissolution of marriage decree.

Spring of 2007, he requests change of beneficiary forms. He begins filling out, but never completes the.

Summer of 2007, Father dies. Will states everything to go to three children. Ex-wife is beneficiary on all extra-probate documents (insurance, retirement accounts, etc)

We as sons, are attempting to measure the viability of an action to contest her beneficiary status.

 

[Dandy Don]

Is there a surviving spouse now (or did he ever marry anyone else after the second wife)?

What explanation is there for his not completing the change of beneficiary forms?

What is the value of his estate?

How long was the second wife married to him?

Was this second wife named in the will as a beneficiary to receive anything, and is there language in the will to specifically disinherit her from receiving anything?

What you can do right now is have the executor contact the company holding the retirement accounts and ask them not to make a payout to the second wife, and executor should also be presenting the retirement account companies with a certified copy of the divorce decree with the clause containing her waiving that monies, which then will most likely be payable to the estate.

Have you discussed this with your own probate attorney?

DANDY DON IN OKLAHOMA ([email protected])

 

[Betty]

If the ex-wife puts in a claim to the ins. co. for the life ins. policy proceeds as named beneficiary & other parties also put in a claim or contest the payment to the ex-wife, the ins. co. will decide who should get the proceeds after a review of all info. If they cannot make the determination for one reason or another, they will give the proceeds to the court to hold & the court will decide who get the proceeds.

 

[Dandy Don]

The action that Betty describes is called an "interpleader" and you may need an attorney to accomplish that.