Legal Question in Wills and Trusts in Florida

the owner of the policy controls what happens with it. if you did not own the policy the owner had the right to cash it in at their discretion. suggest you review the paperwork which was provided at the time they policy was taken out.

I agree with Attorney Stein. Typically on a life insurance policy, the beneficiary is paid funds upon the condition of the policyholder's death. While the policyholder is alive, he/she has the option of changing or terminating the policy, which includes be awarded the cash value per the policy's provisions. I'm wondering if a separate trust was created. However, if the asset of the life insurance policy no longer exists, then the provision governing the life insurance is no longer valid. To be certain, you should consult with an attorney in your area since it is difficult to ascertain all the facts through an online forum.