Legal Question in Wills and Trusts in Texas
For a whole life insurance policy with cash value, on the event of the insured's death is the value of the policy an asset of the insured's estate or the property of the designated beneficiary? Who own's the policy? This is at issue in a contentious matter where the decedent assigned one of his children as the beneficiary NOT his spouse (of 30 yr). The spouse is claiming the value of the policy is an asset of the joint estate.
Asked on 4/19/10, 1:17 pm
1 Answer from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
The person who owns the policy is the person who purchased it and paid the premiums. It may or may not be the beneficiary.
Answered on 4/25/10, 7:27 am
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