inheritance-executor won't cooperate

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Latest post 03-28-2012 8:14 AM by Drew. 8 replies.
  • 03-27-2012 2:05 PM

    • dvus
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    • Joined on 07-09-2002
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    inheritance-executor won't cooperate

    My father took out insurance policy with me as beneficiary when I was a kid. He died 2 yrs ago and my stepsister and cousin are co-executors. Insruance company says both of them have to sign & notarize policy together on the same date to get it out of estate's name and into my name for me to collect. My cousin is willing, but my stepsister keeps saying she is too busy. Every month she delays the policy becomes worth less. How can I make her execute the documents I need? She lives 300 miles away (in same state) but I live on disability and have no car.

  • 03-27-2012 2:17 PM In reply to

    Re: inheritance-executor won't cooperate

    dvus:
    Insruance company says both of them have to sign & notarize policy together on the same date to get it out of estate's name and into my name for me to collect

    That doesn't make sense.

    Generally, a named beneficiary needs only to sign a claim form and provide a certified copy of the death certificate along with the policy.

    Do you have physical possession of the policy itself? If not, can you get it and answer some questions once you have it?

    dvus:
    Every month she delays the policy becomes worth less.

    That doesn't make any sense either. The death benefit is going to remain the same amount regardless of when the claim is paid.

    dvus:
    How can I make her execute the documents I need? She lives 300 miles away (in same state) but I live on disability and have no car.

    Well, if you can't afford a lawyer and you have no means to travel, you are at the mercy of your stepsister and will just have to wait it out.

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 03-27-2012 3:30 PM In reply to

    • Drew
      Consumer
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    • Joined on 03-30-2000
    • PA
    • Posts 49,519

    Re: inheritance-executor won't cooperate

    I too find it hard to follow why insurance firm needs that signed release from both executors --usually insurance  is payable to named beneficiary  on the policy upon proof that  insured is dead and some sort of calim form.

    Did Uncle make it payable to  a class of children and not somebody by name --whats behind the delay?

    Or by some odd thing did he name you in his will to get the insurance policy?  Different fact patterns.......



  • 03-27-2012 3:37 PM In reply to

    Re: inheritance-executor won't cooperate

    My father took out insurance policy with me as beneficiary when I was a kid. He died 2 yrs ago and my stepsister and cousin are co-executors. Insruance company says both of them have to sign & notarize policy together on the same date to get it out of estate's name and into my name for me to collect.

    The only way that makes any sense is if the beneficiary on the life insurance policy was "The Estate of [Your Father's Name] rather than putting your name on the policy as the beneficiary.  If you are specifically named as the beneficiary on the policy, then the executors of your father's estate have nothing to do with this - it would be a direct payout from the insurance company to you.

  • 03-27-2012 3:41 PM In reply to

    • dvus
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    • Joined on 07-09-2002
    • Posts 3

    Re: inheritance-executor won't cooperate

    I didnt explain it right. I'm the insured-my dad wouldve collected if I died, but he died first, so his estate owns the policy, but now it goes to me. [The insurance company] firstsaid they only needed one executor, then they said two, when I sent them both, then they said both executors had to sign same paper on same day. Ridiculous. Both signatures were notarized. Dont know why he tells me policy value is going down unless theyre deducting premiums.

  • 03-27-2012 3:49 PM In reply to

    • Drew
      Consumer
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    • Joined on 03-30-2000
    • PA
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    Re: inheritance-executor won't cooperate

    Still does NOT make sense---if the estate owned the policy and by will or by decision of the executors the ownership is to go to you I simply don't follow why both executors need to sign it at same time so long as both signatures are valid and the executors duly lettered/appointed etc.  Apparently the insurance firm now has 2 signatures 1 ea from executors both notarized etc--what more do they really need? Something is missing?

    Somebody needs to pay the premiums----life is not free------



  • 03-27-2012 4:58 PM In reply to

    Re: inheritance-executor won't cooperate

    dvus:
    I didnt explain it right. I'm the insured-my dad wouldve collected if I died, but he died first, so his estate owns the policy,

    That explains the need for the executors to sign.

    dvus:
    but now it goes to me

    Maybe not.

    Keep in mind that the insurance company is likely to make the check out to the estate. Once that happens it could be divided amongst all heirs depending on the terms of the will or the laws of intestacy.

    dvus:
    [The insurance] company first said they only needed one executor, then they said two, when I sent them both, then they said both executors had to sign same paper on same day. Ridiculous.

    Might not be ridiculous.

    "Co-executors" have to sign stuff together. My sister and brother were co-executors of my mother's estate and had to do that.

    dvus:
    Dont know why he tells me policy value is going down unless theyre deducting premiums.

    It's possible that premiums are being paid out of the accumulated cash value of the policy for the time being but they should be refunded back to the date of death once the insurance company documents the claim.

    If you think that the insurance company is not doing what it's supposed to then call the state insurance department for guidance and possibly file a written complaint if appropriate.

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 03-27-2012 5:51 PM In reply to

    Re: inheritance-executor won't cooperate

    There is no claim.  The OP is the insured.

  • 03-28-2012 8:14 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,519

    Re: inheritance-executor won't cooperate

    I'm not quite clear why you would get the policy from the estate unless the will says you do.  If the policy has a cash surrender value then that value is an estate asset and the estate could surrender the policy?  If the executors are bing "nice" and giving you the policy --thats OK  ---I'm not sure why insurance firm needs both executors to sign on same day but its sort of up to you to cure that problem 1 way or another ------



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