MIL withholding FIL life insurance and will
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Anonymous
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My FIL died two weeks ago. She refuses to discuss his affairs with my husband (their only child) because “it’s not polite to discuss money.”
She has said she’s worried she won’t have enough to live on and yet my FIL said for years she would be well taken care of. Someone told us legally my husband will have to be contacted about the insurance or the will. Is that true? We would like to know she’s taken care of and if we need to plan on any additional income and pay taxes and if we need to move policies for our kids college (he had a college fund on their names). He also had a life insurance policy on my husband we may need to take over payments for. |
Anonymous
| If your husband isn't a beneficiary or executor, he won't have to be contacted. Maybe you won't get anything yet.... |
Anonymous
If he is not the beneficiary on the life insurance or named in the will there is no legal requirement for your husband to be contacted. Why would he be contacted? If he is unsure if he is a beneficiary, he should contact the executor of the estate. If your husband knows the carrier for the life insurance, he should contact them. But if he isn’t the policy holder, the company probably won’t talk to him. |
Anonymous
| Does your DH have reason to believe he would be a primary beneficiary of FIL’s life insurance policy rather than it all going to your MIL? |
Anonymous
| I was neither a beneficiary or an executor of my father's will, but I received an official letter indicating that the executor was my mom and where to call (court) if questions or if the will would be contested. |
Anonymous
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He knows there is a life insurance policy in his name we will need to take over payments on but no idea what company.
If he is named in the will they will contact him directly? Or is it just the lead beneficiary? |
Anonymous
| And any advice on helping a woman that’s never paid a bill in her life manage money for the first time when she can’t use a computer are appreciated! |
Anonymous
Uhhh, that requires talking about money which is impolite. You have a long road ahead of you... |
Anonymous
| You'll only be contacted if you are a beneficiary. If your mom is the executor, you will probably never see a cent unless you take her to court. |
Anonymous
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It is not uncommon for a will to designate the remaining spouse receive all monies. Then, the remaining spouse would make changes to her will to include beneficiaries (for example, children).
Your husband would only be contacted IF he is mentioned in the will. Why would your FIL have a life policy on your DH? |
Anonymous
Depends on the state: some require descendants to get. A copy of the will when it is probated. But short term, not much you can do if she is executor. |
Anonymous
| Pay for her to consult with a trusts and estates lawyer. |
Anonymous
My FIL got lung cancer when my DH was in high school. He got a life insurance policy for my husband so that if he died before 60 my husband couldn’t be denied life insurance coverage. My father did the same thing for me but wasn’t withholding about that information so when he died I knew what to do. |
Anonymous
Why would you need to pay any taxes??? Are you hoping for a windfall? Sure sounds like it. In any event beneficiaries don’t pay tax on an inheritance. The estate pays taxes and then only on estates over a certain limit, currently that limit is over $10 million. This smells like fish. |
Anonymous
Do you know who the lawyers are? |