On Nov 3, 2:39 pm, "Cal" <cal-les...[at]comcast.net> wrote:
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I don't think you are being overprotective, but even if you are,
sometimes overprotective is best.

I recently had a client that wanted to do exactly what Joe recommended
(change owner and bene). I had the original owner sign the change of
beneficiary form and then the change of ownership form, because we
wanted both "orders" to come from the original owner/insured (in case
it went to court). I dumbly faxed both the forms to the insurance
company at the same time. Surprise, surprise, the insurance company
processed the ownership change first (by coincidence, not policy) and
then claimed that the proper (new) owner had not signed the
beneficiary change form. Of course, if they had processed the forms in
reverse order there would have been no problem. I deservedly felt like
a real idiot going back to get a new form signed by the new owner.

On Nov 5, 4:08 pm, Will Trice <wwtr...[at]paragondynamics.com> wrote:

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I think that only applies to community property states doesn't it?

I know from experience that GA & AL don't require anything other than
the account owners signature.

Will Trice <wwtrice[at]paragondynamics.com> writes:

[IRA]

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It depends on the state. If the couple lives in a
community property state, I'm pretty sure that's the
case. Otherwise, I don't think so.

For a 401k, it's probably different - at least where I
am, when I did my rollover, I wasn't married and I needed
nothing for the 401k but my own signature attesting to
that fact - but for my MPP, I had to get a *notarized*
signature attesting to it! (were I married at that time,
I'd have needed a notarized signature from my spouse).


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joetaxpayer wrote:
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Don't many states require the consent of the beneficiary spouse to
change the beneficiary to a non-spouse? This doesn't sound feasible for
the OP's parent.

-Will

"joetaxpayer" <joetaxpayer[at]nospam.com> wrote in message
news:9JydnS_-WL0JALHanZ2dnUVZ_r7inZ2d[at]comcast.com...
- quote -

I was trying to avoid the possibility that the Carrier might NOT
accept a Beneficiary Change form a person who was no longer
the Owner........... Maybe being over protective.......
Cal Lester CLU

Cal wrote:

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Cal - I am not questioning the advice, I am just curious why the OP's
Mom should not just fill out both forms, why the two-step?

JOE

Have your Mother contact the company (or her agent), and request
a "Change of Owner" form, as well as a change of "Beneficiary Form".

Then have her change the Ownership of the contact to YOU.
AFTER the ownership is changed, YOU as the Owner, can
change the beneficiary to yourself.

All future payment requests will then be addressed to YOU.

Cal Lester CLU


<rjsmi21[at]gmail.com> wrote in message
news:1194056461.547493.205370[at]22g2000hsm.googlegroups.com...
- quote -

rjsmi21[at]gmail.com wrote:
- quote -

A letter to whom? The insurance company? No, it needs to go through the
proper procedure, a change of beneficiary form. You say she holds the
policy. As long as she is the owner of the policy, it's her right to
change it to you or whomever she chooses.
Not to open a can of worms, but is she's fearful of how he's react,
there's more of a problem that the posters here can help with.
Another consideration - she can change the owner to you, and make you
the beneficiary as well. As least that way, you will get the premium
notice, and any paperwork that may remind the husband the policy even
exists.

You may also want to check the beneficiaries on her other accounts, IRA,
Brokerage, etc. Since IRAs cannot be held jointly, a change of
beneficiary there is pretty simple. Other accounts held joint, less so. JOE
www.joetaxpayer.com

Hi,

I am actually posting this question for my mom in regards to a term-
life policy she holds.

On the policy, the beneficiary is presently listed as her husband.
They have been having some major relationship issues, and she wishes
to change the beneficiary to myself (her son). She is fearful however
that he may find out. She has asked me if it would be legally
acceptable to write a signed letter stating her wishes - that the
policy be paid out to me instead of my father. Must she change the
beneficiary, or is such a letter acceptable?

Thank you.