Legal Question in Wills and Trusts in Florida
I had a girlfriend that I had a life insurance policy on and owned by me. I signed my name to remove my name as beneficary on a document that she wrote up. Not knowing much at the time it was not the proper Insurance form to change beneficarys needed for the insurance company to change beneficary. Unfortunately my friend died unexpectedly a year later. The next thing I know is I received the monies because I was still the beneficary. Now as you would expect her family wishes to get the money. What are the chances that her family can get the money?
3 Answers from Attorneys
Interesting legal issue; however, so much depends on 1) other evidence regarding your signing of a beneficiary designation, withdrawal, amendment, whatever; 2) the terms of the insurance policy; 3) any other changes to the policy made by the person insured; and 4) the legal nature of the form that you did sign. If you prefer to retain the proceeds, you are advised to discuss all related legal issues with an attorney experienced in insurance matters.
Once the insurance company issued you the funds, they removed theirselves from possible suit. I suggest you consult with an attorney on this matter.
If the form indicates you were agreeing to the change and lists the names of the new beneficiary, a court could determine you are holding the funds in trust for them.
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