What to do if a husband died and named current wife beneficiary of his insurance policy but as per a divorce settlement his children were to have been named?
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What to do if a husband died and named current wife beneficiary of his insurance policy but as per a divorce settlement his children were to have been named?
There was a divorce ordered entered with a property settlement agreement that stated that the husband must name children as the sole beneficiaries of current insurance policies. At the time of the husband’s death, all support obligations had been meet and the children were at the age of 20.
Asked on August 21, 2014 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sorry for your loss. The agreement in question should speak to this matter if not directly then indirectly. By that I mean that you seem to be aware that under present Virginia law, unless a Court incorporates an Agreement which provides otherwise, child support payments stop at the age of the child's majority (18); or if, on turning 18, he or she is still a full-time high school student living primarily with the custodial parent, until he or she graduates from high school or turns 19, whichever comes first (unless he or she is then physically incapable of self-support, due to handicap). The life insurance is generally in place to support the children should the parent pass before they reach majority. If the support obligations are met and ended then generally the parent can list whomever they wish as the beneficiary thereafter. Please bring all the documents to an attorney to review. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sorry for your loss. The agreement in question should speak to this matter if not directly then indirectly. By that I mean that you seem to be aware that under present Virginia law, unless a Court incorporates an Agreement which provides otherwise, child support payments stop at the age of the child's majority (18); or if, on turning 18, he or she is still a full-time high school student living primarily with the custodial parent, until he or she graduates from high school or turns 19, whichever comes first (unless he or she is then physically incapable of self-support, due to handicap). The life insurance is generally in place to support the children should the parent pass before they reach majority. If the support obligations are met and ended then generally the parent can list whomever they wish as the beneficiary thereafter. Please bring all the documents to an attorney to review. Good luck.
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