Legal Question in Business Law in California

beneficiary naming

When a person (owns or has) an insurance policy, a retirement fund, a bank account, a medical plan etc, etc., you as owner of it are always asked to name beneficiaries, one or more. As the ''policy'' holder you have the right to change names of beneficiaries anytime you want...whether you are single, married, separated or divorced...its yours, not theirs. I've just recently been told that this is not always true! If so, its my choice as to who gets whatever, so why can't I change it?

Thanks


Asked on 5/29/06, 5:02 pm

2 Answers from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: beneficiary naming

If you are married and then pass away while living in a community property state like California, you have the right to designate who receives your separate property and your 1/2 interest in the community property. Situations can arise where community property assets are used to purchase life insurance policies or make investments without the knowledge or consent of the surviving spouse and the surviving spouse could make a claim for a portion of the proceeds.

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Answered on 5/29/06, 5:08 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: beneficiary naming

Adding to what my colleague says, sometimes they'll require the signature of your spouse or registered domestic partner on a change of beneficiary form.

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Answered on 5/29/06, 9:23 pm


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