What to do about an oral agreement regarding life insuranve proceeds?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about an oral agreement regarding life insuranve proceeds?
My fiance’s father died about a year ago. Besides from my fiance, he had another child. He had life insurace totaling to be 150,000. The problem is he put it in his “best friend’s” name. His intention was to have his friend split it up between them and put it in Trust funds or whatever. Well now apparently the money isn’t in a Trust and we haven’t seen a dime. And they basically just put us off. We are young (20 years old) with a new born child and could use financial help. Are we legally just screwed because there is no Will and because its in his name? Or is there a chance we can do something about this?
Asked on June 4, 2013 under Estate Planning, Tennessee
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 11 years ago | Contributor
Did the father tell his friend that he intended the money to be for his children? If so, a court might agree that the friend has to give the children the money because (a) he is actually a trustee, holding the money in trust for the children, or (b) the friend is breaching a contract that the father made for the benefit of his children. You should talk to a lawyer about your situation, explaining how you know the father's intention was to have the money go to his children.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.