What to do about an oral agreement regarding life insuranve proceeds?

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What to do about an oral agreement regarding life insuranve proceeds?

My fiance’s father died about a year ago. Besides from my fiance, he had another child. He had life insurace totaling to be 150,000. The problem is he put it in his “best friend’s” name. His intention was to have his friend split it up between them and put it in Trust funds or whatever. Well now apparently the money isn’t in a Trust and we haven’t seen a dime. And they basically just put us off. We are young (20 years old) with a new born child and could use financial help. Are we legally just screwed because there is no Will and because its in his name? Or is there a chance we can do something about this?

Asked on June 4, 2013 under Estate Planning, Tennessee

Answers:

Nathan Wagner / Law Office of Nathan Wagner

Answered 8 years ago | Contributor

Did the father tell his friend that he intended the money to be for his children? If so, a court might agree that the friend has to give the children the money because (a) he is actually a trustee, holding the money in trust for the children, or (b) the friend is breaching a contract that the father made for the benefit of his children. You should talk to a lawyer about your situation, explaining how you know the father's intention was to have the money go to his children. 


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