Arkansas
A year or so ago, my grandfather (adopted father) took out a life policy on me. Six months ago, he passed away. My grandfather was the owner of the policy at the time of his death. My mother was beneficiary. As I said, I was the insured.
Both my mother and I have just recently learned of this policy. No one has paid any premiums into it. Neither of us wish to continue the policy, so therefore a cash surrender is in store for someone.
My question is: Who legally has the ability to initiate a cash surrender and/or change of ownership, and ultimately, who is entitled to these surrenderings?
A year or so ago, my grandfather (adopted father) took out a life policy on me. Six months ago, he passed away. My grandfather was the owner of the policy at the time of his death. My mother was beneficiary. As I said, I was the insured.
Both my mother and I have just recently learned of this policy. No one has paid any premiums into it. Neither of us wish to continue the policy, so therefore a cash surrender is in store for someone.
My question is: Who legally has the ability to initiate a cash surrender and/or change of ownership, and ultimately, who is entitled to these surrenderings?