When contesting life insurance beneficiary, it's a good idea to hire an experienced advocate. Although the process is also possible expensive and goes consuming, you can come out on top. While the decision is in dispute, the life insurance payout will be placed in trust.
Beneficiary Disputes
There are numerous situations in which you may wish to contest a life insurance beneficiary. For instance: your husband recently passed away very suddenly, and you learn that he hadn't yet changed the beneficiary from his first spouse to you, as he had intended. Or your granddad recently vanished after a long contest with dementia, and you learn that his most recent custodian is now his Contesting a Life Insurance Beneficiary.
It's difficult to successfully dispute the beneficiary of a life insurance policy. As a third party, you're requesting a contract between the insured and the insurer, and it's an uphill battle. Proving a fraudulent deed was perpetrated isn't easy. But it is possible to do.
As mentioned, your best bet is to hire an advocate, one with experience in these matters, because it's probably going to go to tribunal. While the life insurance payout is in trust, costs, taxes, and sanctions will accrue. That's why numerous beings opt to take a beneficiary spot to arbitration.
Once agreed, whether, through the courts or arbitration, the life insurance company will reputation the decision.
The good alternative is an attempt not let it happen in the first place. It's a very good idea to regularly review your life insurance policy with family members, and support your loved ones to do likewise. This is especially important to do after a wedlock, a divorce, birth certificates or an adoption, or in the event of an illness. If the beneficiary is changed, it's a good idea to have witnesses present.
Talk with a licensed agent who can answer your questions, help assess your life insurance heads and recommend a plan that's right for you.