Life Insurance Confusion

[Ralli]

What is the name of your state? Arizona (though Wisconsin law may be pertinent)

My father passed away about 8 months ago in Wisconsin where he had been living for the past 10 years or so. He had remarried and had one child by his new wife. Since his death, there has been no mention from his second wife of any wills or life insurance policies.

However, recently I rediscovered a letter he had sent me about 4 years before his death describing a life insurance policy he had purchased in which he stated that the money be divided among his 5 children named as the "next of kin" (beneficiaries?). Further, in the letter he states "get an attorney should you need it." Unfortunately, the letter itself does not contain a copy of the policy, merely his description of it.

A few preliminary information-gathering phone calls have been made to the insurance company named in the letter (policy details, whether or not the money has been disbursed, etc.) and the results of these are still pending.

I honestly cannot picture my stepmother (who still resides in Wisconsin)keeping the money all to herself (approx $400,000), without informing us about it.

My questions are, is it possible the money has not yet been paid? If it has, do we, as the "next of kin" have a claim to the money stronger than that of his widow? And finally, is it worth it to get an attorney to solve the matter?

I truly like my stepmother, and last thing I would like to do is appear greedy, or to start some bad-blood with her, especially if this whole situation turns out to be nothing.

 

[Dandy Don]

You are right to be concerned.

Have you contacted the widow to find out what information might be available? Under normal circumstances she should have contacted you all herself if she has knowledge of insurance policies naming you as beneficiaries, since she could not get that money and the check would be paid directly to the beneficiaries. As of right now, you have no way of knowing whether she is deliberately withholding the will and other estate asset information so she can scheme to get as much of the estate as she can (for herself and for her child) while keeping you in the dark or whether she is grieving and perhaps does not want to be bothered with probate matters right now.

First contact the county courthouse probate court to find out if an estate has been opened up for the decedent and if it has, you can order copies of the will or any other documents in the file showing address of executor, etc.

If there is no will or estate opened up at the courthouse, then if you don't want to talk to her in person, send her a certified letter asking if there is a will and requesting a copy of it be sent to you if you are named as beneficiary, which is your right.

It seems like this man may have had a substantial estate and if he has other assets outside of the insurance policies, then you children would be eligible for a share of that as well, and if widow won't open up a probate then you need to get your own attorney to open this estate up for probate to get everything settled.

I somehow get the feeling that the insurance company will have good news for you! Let's hope that wifey didn't somehow persuade husband to change designated beneficiaries on the policies from the kids' names to her name, and let's also hope that he made regular premium payments on the policy and did not have to default on the policy if perhaps he had to miss one or more premium payments because he couldn't make them.

DANDY DON IN OKLAHOMA ([email protected])