Wrong beneficiary!

[Quinkers]

Long story short my mom opened a policy in 89 I was born in 95 and the policy was never updated. We are currently paying the mortgage on her house. Her primary beneficiary is her husband from 2 marriages ago that passed away. Her secondaries are her parents. We have her will and I'm told it means nothing. Is there anything that can be done? My grandfather believes that the money was meant to be given to us so he is giving us half no questions asked. But my grandmother hadn't been talking to my mom and is being taken care of by my aunt who has charges for impersonating my mom, getting false credit cards and bunch of other things.. my grandma is schizophrenic. That's the jist of it all. My grandma wouldnt probably be manipulated by my aunt and such.

 

[Zigner]

What US state?

 

[Quinkers]

What US state?

Michigan. But the insurance company is pa

 

[Zigner]

Your mother's policy will pay out to the alternate beneficiaries. You mother's will has no bearing on the matter in that regard. If your grandfather believes that you are the intended recipient(s) of the proceeds, then he can give you the money once he receives it.

 

[Quinkers]

Your mother's policy will pay out to the alternate beneficiaries. You mother's will has no bearing on the matter in that regard. If your grandfather believes that you are the intended recipient(s) of the proceeds, then he can give you the money once he receives it.

Yeah pretty much. But him and my grandma are both secondaries so she will get exactly half. Which she will probably not be willing to give up.

 

[Zigner]

Yeah pretty much. But him and my grandma are both secondaries so she will get exactly half. Which she will probably not be willing to give up.

She has no legal obligation to do so as it would be her money.

 

[PayrollHRGuy]

Quick question. Why are you continuing to paying the mortgage on the house? Are you going to receive it in the will?

 

[Quinkers]

She has no legal obligation to do so as it would be her money.

I know

She has no legal obligation to do so as it would be her money.

Yeah I know that legally its hers. But ethically she knows it shouldn't be. My mom states in the will she wants everything to us. She hasnt spoken to her mom in decades and wanted nothing to do with her.

 

[Quinkers]

Quick question. Why are you continuing to paying the mortgage on the house? Are you going to receive it in the will?

Yes, in the will we recieve everything. My assumption is she never knew that the will doesnt over power her 3 decade old beneficiarys

 

[PayrollHRGuy]

Yes, in the will we recieve everything. My assumption is she never knew that the will doesnt over power her 3 decade old beneficiarys

That may be the reason she didn't change the insurance policy but it doesn't change the outcome.

 

[Quinkers]

So there's nothing that can be done?

 

[Zigner]

So there's nothing that can be done?

I'm sorry, but based on what you've explained here the policy has beneficiaries listed who will receive the insurance proceeds.

 

[not2cleverRed]

So there's nothing that can be done?

The only time beneficiaries can be changed is while the person is still living and mentally capable of doing so.

 

[Quinkers]

So there is no legal action that can be taken? Knowing that this isnt what my mom wanted?

 

[Zigner]

So there is no legal action that can be taken? Knowing that this isnt what my mom wanted?

You (believe that you) know what your mom wanted, but the only thing anyone else has to go on is what's in writing.