Would I need a lawyer to change the ownership of a life insurance policy?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Would I need a lawyer to change the ownership of a life insurance policy?

My stepmother who had passed away a year ago had bought my father a life insurance insurance policy on which he is still paying on but wants to change the ownership to himself but we are unsure on how to proceed with that and was told that we need a small estate affidavit? Also, about how much will this cost?

Asked on July 15, 2013 under Insurance Law, Hawaii

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You were told that by whom, the insurance company representative?  That is because the owner of the policy is now deceased.  So it sounds as if you need to probate the estate in some way to allow the transfer of the policy to your Father who most likely inherited everything when she passed.  You can go to the Probate Court and ask for a form that will help you prepare the SMall Estate Affidavit (it has what the court requires in it).  Generally it is not that difficult to do yourself.  Lawyers fees differ so it is hard to say what the attorney will charge.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption