Legal Question in Wills and Trusts in New Jersey

Re: Life Insurance

AS MY LAW GURU FRIEND HAS ADVISED, IF THERE IS NO COURT ORDER, PROPERTY SETTLEMENT AGREEMENT (PSA) AND/OR JUDGMENT OF DIVORCE INCORPORATING SUCH AGREEMENT TO DESIGNATE THE LIFE INSURANCE FOR THE CHILDREN'S BENEFIT THEN THE CONTRACT FOR INSURANCE CONTROLS.

HOWEVER, EVEN IN THE CASE WHERE A PSA REQUIRES THE DESIGNATION OF A TRUSTEE UNTIL THE CHILDREN OF THE DEFUNCT MARRIAGE ARE IN ESSENCE EMANCIPATED, THE CHILDREN HERE ARE OVER 30 AND THE TERMS OF THE AGREEMENT REQUIRE COVERAGE UNTIL 25, THE POLICY WOULD NOT LIKELY BE REFORMED BY THE COURT.

THE ONLY POSSIBLE EXCEPTION MAY BE IF THE CHILDREN WERE NOT EMANCIPATED, A COURT MAY THEN REQUIRE REFORMATION OF THE POLICY. AN EXAMPLE MIGHT INCLUDE A CHILD THAT HAS BECOME PERMANENTLY DISABLED--THAT QUESTION WOULD REQUIRE LEGAL RESEARCH.

ALSO IF A CHILD WERE ATTENDING COLLGE ETC, ANOTHER LONG SHOT EXCEPTION FOR EDUCATION UNDER THE CASE OF NEWBURGH V ARIGO MIGHT ALLOW REFORMATION BY A STRETCH OF THE CASELAW.

FOR THESE COMPLEX REASONS, YOU SHOULD GET A LAWYER TO REVIEW THE FACTS CIRCUMSTANCES AND OTHER RELATED LEGAL ISSUES.

YOU ARE PROBABLY IN A GOOD POSITION FROM WHAT IS REVEALED IN YOUR POSTING.

Re: Life Insurance

Unless there was a written agreement in the family or a Court Order requiring that the insurance name the children as the beneficiaries of the life insurance, they are not entitled to it.

Life insurance is a contract, and the insurance company is required to pay to the named beneficiary.

Your deceased husband's estate will pass in accordance with the statute governing estates where there is no will.