Would I need a lawyer to change the ownership of a life insurance policy?
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Would I need a lawyer to change the ownership of a life insurance policy?
My stepmother who had passed away a year ago had bought my father a life insurance insurance policy on which he is still paying on but wants to change the ownership to himself but we are unsure on how to proceed with that and was told that we need a small estate affidavit? Also, about how much will this cost?
Asked on July 15, 2013 under Insurance Law, Hawaii
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You were told that by whom, the insurance company representative? That is because the owner of the policy is now deceased. So it sounds as if you need to probate the estate in some way to allow the transfer of the policy to your Father who most likely inherited everything when she passed. You can go to the Probate Court and ask for a form that will help you prepare the SMall Estate Affidavit (it has what the court requires in it). Generally it is not that difficult to do yourself. Lawyers fees differ so it is hard to say what the attorney will charge. Good luck.
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