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Life Insurance, Debt, Kids And Ex? Help!?

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Life Insurance, Debt, Kids And Ex? Help!?

Postby Auliffe » Sun Oct 01, 2017 7:56 am

My bf and his former wife opened up a family life insurance policy 4 years ago. 2 years ago they divorced. Currently, she is engaged and he and I are engaged. He now wants to make the remove her as beneficiary and make kids his beneficiary. She made the kids her beneficiary, rather than him, last year. He got house in settlement but kept her as co-owner until house is sold. Because of the market, he decided to buy her half and leave house to kids. She is angry about not being beneficiary

and about him wanting to keep house and not leave it to her in the event if his death. She told the kids that their dad was leaving all his debt to them. Now kids are mad. The kids are 18 and 17. His plan for debt (house is only debt) was to pay off as much as he could and get separate policy for him and I. What should he do? He feels he did nothing wrong and that she is turning kids against him. Also, if he keeps policy together, he has to continue to deposit 80 a month for his share in their joint checking acct that she continues to use and has let go in red. And she won't let him have copies of the insurance policy or at least read over it.
Auliffe
 
Posts: 60
Joined: Sun Feb 02, 2014 1:19 am

Life Insurance, Debt, Kids And Ex? Help!?

Postby Beathan » Sun Oct 01, 2017 8:56 am

You don't need his life insurance.
His kids do.

A person does not need life insurance unless they have dependents that cannot live without their income.

Time to get rid of that joint checking account.

He needs one in his name only.
That would be the major concern.

Why does he need copies of her insurance policy?

If he wants to make chances all he has to do is make a phone call and sign papers
Beathan
 
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Joined: Sat Jan 11, 2014 3:48 am

Life Insurance, Debt, Kids And Ex? Help!?

Postby Bronsonn » Mon Oct 02, 2017 1:23 am

Debt is not inheritable.


Only the life insurance policy owner, can change the beneficiary clause.
If they don't both agree to the change, the change doesn't happen.

And . . . seriously, why in the world do you want to buy into THIS hate/hate situation?
Bronsonn
 
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Joined: Sat Feb 01, 2014 12:13 am

Life Insurance, Debt, Kids And Ex? Help!?

Postby Gervin » Tue Oct 03, 2017 4:58 am

First, close the joint checking account, immediately.
Do not have a joint checking account with an ex-spouse, under any circumstances, but especially if it goes into the red.


Because it is a joint account, they both owe the bank whatever amount it is in the red, and the bank can make either one of them pay it, so he may have to pay for what she spent.


For all you or I can tell, it is entirely possible that she may have made her new fiance the beneficiary, and lied about making the kids the beneficiary.
Even if she has not done that already, she can at any time, so there is no good reason for him to keep the policy.

He cannot leave debt to the kids or anyone else.
If he dies owning something, then it gets used to pay his debt.
If he does not own not enough to pay all the debt, and the debt was also his ex-wife's debt, then the rest of it becomes only her debt.
It does not, under any circumstances, go to a child who is 17.
It can go to a child who is 18 or older only if that child voluntarily decides that the child wants to accept it.
Gervin
 
Posts: 40
Joined: Tue Jan 14, 2014 11:32 pm


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