LIFE INSURANCE (CAN IT BE CONTESTED)

[Tammie McCullough]

MY DAD STARTED A LIFE INSURANCE POLICY THE YEAR I WAS BORN (1969) MY GRANDMOTHER AND GRANDFATHER WERE THE BINIF. ON THIS. NOW THAT MY GRANDFATHER HAS PASSED AWAY I HAVE BEEN ADDED AS THE SECOND IF SOMETHING HAPPENS TO MY GRANDMOTHER. MY QUESTION IS CAN THE WOMAN MY FATHER IS MARRIED TO NOW (MY STEPMOTHER) CONTEST IT...MY GRANDMOTHER HAS KEEP UP THE PAYMENTS ON IT BUT IT HAS MY FATHERS NAME AS THE POLICY OWNER ON IT. (WE LIVE IN ARKANSAS)
THANK YOU.

 

[ALawyer]

Probably not successfully, but if you want to avoid concerns, have your father transfer it to YOU as owner and this way he also avoids incidents of ownership and it would not be part of his estate for estate tax purposes after 3 years.

 

[Tammie McCullough]

Thank you for your help..I'll do that.