Life insurance bene ????

[bebe333]

What is the name of your state? Illinois

I am not sure if this question should be here or in the divorce section, but if anyone can shed some light for me, that would be appreciated. My fiance has a life insurance policy that names his ex wife as the beneficiary, in accordance to the divorce decree, to help provide for his daughter if anything should happen to him. My question is, can that be changed to name his daughter (or a trust for her) when we get married, or even before? Or would that violate the divorce decree? Can anyone help me out with this one?

Thanks

 

[Beth3]

Your fiance needs to read the divorce decree and see what it says. Unless it specifies that the beneficiary can be changed if he remarries, then I would imagine the judge intended for his daughter to receive the benefits if he dies until she reaches her majority and the beneficary cannot be changed until she's at least 18 - and perhaps not until she's 21.

 

[Dandy Don]

If you are concerned about the ex-wife being able to get access to the money and perhaps spend it on herself instead of the daughter, then your husband, with the assistance of an attorney, can petition the court to amend the divorce decree to allow for the insurance money to be put into a trust where the ex-wife or perhaps a trust officer of a bank could be in charge of disbursing the monies at the appropriate time to the daughter. In other words, the trust can be the designated beneficiary instead of specifically naming the ex-wife.