Legal Question in Wills and Trusts in Missouri
Amended Life Insurance Policy
My great aunt passed away several years ago. There was a joint life insurance policy between her and her husband naming myself and my aunt as benficiaries. After my Great Aunt's death the policy was amended to name my Great Uncle's nephew as the beneficiary. I do not beleive that my great unlce was competent at the time this was modified. He passed a couple months ago. This is when my aunt and I found out that the policy had been modified. The amount of the policy is $20,000. What would be entailed in filing claim for the amount of the policy? Is this more trouble then it is worth? Would my aunt and I have to get a separate attorney than the attorney currently handling the estate?
1 Answer from Attorneys
Re: Amended Life Insurance Policy
What proof do you have that your geat uncle was not competent at the time that he changed the beneficiary? Had he been declared incompetent by a Court at that time? Normally, the owner of the insurance policy has the right to change beneficiaries, but there may have been some other controlling document such as a Will or even a contract that may effect the legal outcome. In order for an attorney to provide you with any answers, a certain amount of time and effort would be required. Most attorneys would require a retainer fee in the range of $1500 to $2500 and there is no guarantee that you will get the answer that you want. If a legal battle is necessary in order to obtain the relief you desire, then the attorney's fees could be much higher. The attorney should make an educated estimate so that the client can decide whether it would be worth the expense considering the risk involved. If you would like to discuss this further, you may call me for a free telephone consultation at 314-727-2822.
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