Legal Question in Family Law in Kentucky
life insurance policy
I was divorced Jan 1988. Paragraph 8 in the property settlement reads:8.--name removed--E. ***** shall continue to keep in force Union Bankers Insurance Company Policy No. ****** issued on September 1, 1979, and shall change the designated beneficiary thereof to the children of the parties.--name removed--E. ***** shall make such provisions as will be necessary to insure that on his death the income from the proceeds of such life insurance policy shall be divided equally between the said children until such time as any child shall reach 21 years of age at which time the aforesaid proceeds shall be equally
divided with the child having reached 21 years of age being paid one-half
of the aforesaid proceeds outright and the remaining one-half of the net
proceeds continuing to be held with the income therefrom paid to the remaining
child until that child reaches 21 years of age at which time the child shall
be^paid that sum outright.} My children are now 35 & 31. Can I change beneficiaries now?
1 Answer from Attorneys
Re: life insurance policy
Looks like one is going to need more information to answer this question. I would contact a divorce attorney to help you sort through your settlement agreement. An amendment may have to be made to the settlement agreement in order for that to happen.
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