G
Gottalubme
Guest
Sate Of Florida
My Mother is recently deceased but is survived by my Father. She owns/ed several life insurance policies on various family members with herself named as the beneficiary. Most of these policies are whole life 20 year pay and are now paid up with associated cash values but a few still have monthly premiums due. One of the insured family members claims that since my Mother is now deceased that he owns the policies on him and he wants them to cash them in.
Somehow this just doesn't seem right nor fair to me and its my reasoning that since she has passed all that she owned now belongs to my Father to do with as he sees fit whether thats change the beneficiary and do nothing else, cash them in, get a loan on them, or go ahead and give them to the named insured.
Who's right? Does my Father really have no legal interest in or control over these policies after years of hard work and sacrifice by both to pay the premiums, or is someone just trying to be a royal pain? If my Father doesn't have any legal control over these policies can he contest that in any way with even a remote chance of success?
My Mother is recently deceased but is survived by my Father. She owns/ed several life insurance policies on various family members with herself named as the beneficiary. Most of these policies are whole life 20 year pay and are now paid up with associated cash values but a few still have monthly premiums due. One of the insured family members claims that since my Mother is now deceased that he owns the policies on him and he wants them to cash them in.
Somehow this just doesn't seem right nor fair to me and its my reasoning that since she has passed all that she owned now belongs to my Father to do with as he sees fit whether thats change the beneficiary and do nothing else, cash them in, get a loan on them, or go ahead and give them to the named insured.
Who's right? Does my Father really have no legal interest in or control over these policies after years of hard work and sacrifice by both to pay the premiums, or is someone just trying to be a royal pain? If my Father doesn't have any legal control over these policies can he contest that in any way with even a remote chance of success?