Legal Question in Wills and Trusts in California

Hello,

So I received a letter in the mail today just to find out that my grandmother had bought a whole life insurance policy on me years ago. The problem is that she passed away 4 years ago and her estate including my grandfather's (who passed away in 2010) are both in probate and the looks of it are that my uncle, who is trying to take everything in both estates, might just win the probate. My question is, since I am the primary insured is there any way for me to access the funds in the policy or will my uncle have complete control of it? On a side note the policy has been paid up until last year, keep in mind both of my grandparents are dead. Me and my father have come to the conclusion that my uncle was paying the policy after my grandparents had deceased, in attempt to get what money my grandparents had put in the policy.

I hope I'm being clear enough.

Thanks ahead of time.

Best Regards,

Christian Davis


Asked on 5/08/12, 6:07 pm

4 Answers from Attorneys
Michele Cusack Pollak & Cusack

you definitely need to consult a lawyer with all the documentation ASAP. You uncle could pay the premium (not after insured(s) died!) on your grandparents' insurance policy but could NOT change the beneficiary. If you are the valid beneficiary, the policy is not subject to probate. But it is impossible to tell exactly what is going on without seeing all the paperwork.

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Answered on 5/08/12, 7:27 pm
Jennifer Rouse Meissner Joseph & Palley

It sounds like you are the insured on the policy and not a beneficiary or owner. Your uncle will most likely inherit the policy through the probate and become the owner. As the owner he will have the ability to cash it in, borrow against it and changge the beneficiary.

However, as Ms Cusick says, you should have an attorney review the paperwork to verify who the owner of the policy is.

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Answered on 5/08/12, 7:38 pm
Anthony Roach Law Office of Anthony A. Roach

Are you the insured or the beneficiary? The insured is the one who is not supposed to die, and when they die, it triggers payment. The beneficiary is the one who gets paid when the insured dies. There is a big difference.

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Answered on 5/10/12, 2:30 pm


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