If the method of changing beneficiaries in insurance policies is prescribed by statute or by the policy itself, the required formalities must be observed. If the beneficiary has a vested right in the policy or if the policy does not reserve the right of the insured to change the beneficiary, the consent of the beneficiary must be obtained to change the beneficiary. Relevant state statutes must be consulted to determine if they require the consent of the beneficiary to effectuate a change of the beneficiary.
Massachusetts Request for Change of Beneficiary of Life Insurance Policy
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State:
Multi-State
Control #:
US-01745BG
Format:
Word;
Rich Text
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Description
How to fill out Request For Change Of Beneficiary Of Life Insurance Policy?
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FAQ
The wording of the beneficiary designation must stipulate ?irrevocable.? If an irrevocable beneficiary has been named at the time the insured enrolls for life coverage, both the insured and irrevocable beneficiary must sign the enrollment form. To change the beneficiary will require both signatures.
The Will will also name beneficiaries who are to receive assets. An executor can override the wishes of these beneficiaries due to their legal duty. However, the beneficiary of a Will is very different than an individual named in a beneficiary designation of an asset held by a financial company.
In most cases, life insurance policies contain a clause that allows you to contest the designated beneficiary. If you can prove that a mistake has been made or a fraud was committed for example, your policy may be able to pay out its death benefit to someone else.
As a beneficiary in Massachusetts, you have several rights. At the most basic level, you are entitled to receive information about the estate and its administration. You also have a right to an accounting of the estate's assets, debts, and distributions.
As the policyholder, only you ? or someone who holds durable power of attorney for you ? can change your life insurance beneficiaries. However, if your policy names an irrevocable beneficiary, you will also need to get that beneficiary's consent before making changes.
An experienced life insurance attorney will normally file a claim for declaratory judgment asking the court to find that it is entitled to the death benefit. Oftentimes, a court may issue a ruling about the correct beneficiary without going to trial.
A revocable beneficiary is a beneficiary that can be removed or have their portion of the death benefit changed without informing them. Most beneficiaries are revocable beneficiaries in that the policy owner can remove them or change their benefit allocation as they see fit.
Can a Life Insurance Beneficiary Be Contested? Any person with a valid legal claim can contest a life insurance policy's beneficiary after the death of the insured. Often, someone who believes they were the policy's rightful beneficiary is the one to initiate such a dispute.
