Estate Lawsuits And San Diego Life Insurance Beneficiary Designation
If your loved one left behind a life insurance policy, chances are that this represents a large portion of the assets of the estate. Unfortunately, many people forget to update their San Diego life insurance beneficiary designations following life changes and before they pass away. As a result, the proceeds pass automatically to the previous beneficiary. If there is no longer a named beneficiary, the proceeds will revert to the estate, triggering the need for a probate administration. For a surviving spouse, loved one, or child, this result may be devastating. You may still have the ability to dispute the current beneficiary designation, but it will generally be an uphill battle.
Wondering what types of life events should ordinarily prompt a person to update their affairs? The following are five examples:
- Birth of a child
- Loss of a spouse or child
- Change in the size of the assets you are able to distribute to your children
Unfortunately, if your loved one forgot to update his or her beneficiary designations following any of these events, it may result in the insurance proceeds being made payable to an unintended party. You will likely have to pursue formal legal action in order to obtain the proceeds that you feel are rightfully yours.
If you believe that your loved one’s San Diego life insurance beneficiary designations were outdated or incorrect at the time of his or her passing, it is important to contact an attorney right away for guidance. An additional problem that may result in your need to pursue litigation is that insurance companies may not be forthcoming with life insurance policy proceeds. See our article, “Insurance Carriers Do Not Proactively Make Payments to Beneficiaries,” for additional information. To learn more about protecting your rights when a beneficiary designation directs payments to the wrong parties, call The Grossman Law Firm at (888) 443-6590 for a consultation.
The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307