rmm17 Posted February 13, 2007 Share Posted February 13, 2007 Hi! I am not sure if this is the right board to ask this question and i am sorry if i offend anyone. I dont know who else to ask. We (my brothers and I) are having some difficulties regarding Mom's life insurance. She told us that we would each receive a significant benefit. Well, her "friend" is the one handling most of her wishes b/c she told him everything that she wanted. He is not the executor of the estate. There is no executor. We each just received a cashiers check from her "friend" for $5000. This is much less than Mom told us. He said that the rest of the money is in something with the insurance company...like a blind annuity...or something like that. He promised that we would get another check at some later date...maybe when we are 25? But he said that my Mom didnt want us to know about it. This all seems pretty strange to me and I dont have anyone else to ask. Does anyone know anything about this annuity-like thing to be paid at a later date? Is it possible that my mom's "friend" could be hanging us out to dry? Also, what will happen now that there is no executor of her estate? I am so sorry for all the questions. My dad refuses to help b/c he did not get along with my mom or her fiend. I am only 22 and have not had any experience with this type of stuff. Thanks so much. Rochelle Quote Link to comment Share on other sites More sharing options...
jhllal Posted February 13, 2007 Share Posted February 13, 2007 Rochelle - In general, if there are no assets to probate there will be no estate and, therefore, no executor. It sounds as though the life insurance is a nonprobate asset. That is, it passes according to the beneficiary designated by your mother. I find it curious that if you and your siblings are the beneficiaries of the policy that the check you received was on your mother's friend's bank account and did not come directly from the insurance company. I suggest that you try to obtain information about the insurance company and then contact the insurance company before you spend any $$ on an attorney. The insurance company should be able to give you specific information about the policy and the benefits. Quote Link to comment Share on other sites More sharing options...
Connie B Posted February 13, 2007 Share Posted February 13, 2007 Family comes before friends in the legal world, unless he is appointment Beneficary on a life insurance policy. You should ask to see ALL your mothers estate papers and finances. It's your legal right if she was not married. Quote Link to comment Share on other sites More sharing options...
Treebywater Posted February 14, 2007 Share Posted February 14, 2007 (((hug))) I just hate that now you have to deal with THIS too. Quote Link to comment Share on other sites More sharing options...
mamasbabygirl Posted February 14, 2007 Share Posted February 14, 2007 I definitely do not want to cause you to panic, but the check should be coming directly from the company, not a personal check. I would be upfront with this friend and ask who the company is and contact them directly. Quote Link to comment Share on other sites More sharing options...
rmm17 Posted February 14, 2007 Author Share Posted February 14, 2007 Thanks for you replies. I have a feeling my mom listed her friend as the beneficiary and gave him instructions on how to divide up the money. She trusts him and perhaps she wanted to save me the trouble of dealing with all of the insurance stuff. I just hope that he honors her wishes. Quote Link to comment Share on other sites More sharing options...
Nick C Posted February 14, 2007 Share Posted February 14, 2007 Rochelle. Ask for the insurance companies name and a copy of the policy. Let's start there. Also, did your mom have a will? Yikes, reading this bothers me...a lot. You are 22, you are an adult. Demand you are kept in the loop an know everything. It's your right...you are too young to have to deal with this...but you are old enough to be able to. Quote Link to comment Share on other sites More sharing options...
Ann Posted February 14, 2007 Share Posted February 14, 2007 Rochelle, I'm so sorry you have something else to worry about now. If I were you, I would definitely listen to Katie's advise, as she knows her stuff when it comes to legal issues. Make sure you have all the legal information correct...that sometimes requires an attorney. But, most attorneys will offer a free consultation. Maybe a paralegal could even research this for you. I don't think it would be out of line to ask for a copy of the insurance policy and then, contact the company yourself. Like others, I don't know why this "friend" is sending out personal checks rather that the insurance company. Hoping everything goes smoothly. Quote Link to comment Share on other sites More sharing options...
jhllal Posted February 14, 2007 Share Posted February 14, 2007 Rochelle - please pm me, if you wish (I can't figure out how to do that). I use to be a probate and estate planning attorney. I am wondering if, in addition to the insurance, your mother had bank accounts, securities, a car, a house or other assets titled in her name. If so, you may need to start a probate. You should ask a few questions before you decide to trust your mother's friend. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.