Question about Life Insurance and s.s

[Imom]

My husband has life insurance through gaurds, he had bm as benificary (sp?)at one time until they split, I am now, and his mother is if we both go. Bm states she will get it all if he shall pass because they have ss together. Is this right? I thought it went to the benificary that is state on the policy.  She also told me she would get all claim to s.s. too and the children he and I have would not. They were never married, I am his first wife, and he is my first husband. Is this correct?  I was told ss would have a claim, but she wouldn't since they were never married.
I though some on here would now about this kind of stuff.

[patton]

Who is ever the beneficiary on the insurance policy will get the money.  Now there is an exception in community property states IF say the husband has remarried and there are children in the first marriage and he has named ONLY the children from the first marriage, then the 2nd wife has to sign release.  I don't understand this, but it was possibly because when my mom's Dad died he had remarried.  

My Mom's Dad was in Texas, but life insurance policy was in Connecticutt, and could have had something to do with this.  I think my Mom and Aunt would have had to get an attorney if the 2nd wife had not signed the paperwork.

As for social security the child would get a check that would be made out to the mother as long as they are under 18 years of age.  I guess this would be in leiu of child support.

[Imom]

They were never married, we own a mobile home, a car and truck. Thats it.

[nosonew]

Patton is correct.  You are in the clear.  She is blowing smoke up your you know what.  Don't sweat it.  If hubby dies, YOU would have to sign a release to give her any money at all.  So, get some duct tape to shut her up.  Heee Heee Heee...

[Imom]

I was just not for sure about this kinda suff.

[joni]

My DH's divorce settlement stated he had to carry life insurance to cover the balance owed on the property settlement and the remaining child support until the child was 19 1/2.

Unless it's specified in some sort of court agreement, it's whoever the beneficiary is.

[4honor]

To fully protect you and your other children, your husband needs to have a will and needs to leave your SS at least $10. A will and inheritence division can be contested if he does not leave each of his children something in the will.

She is blowing smoke. The beneficiary gets what is on the insurance policy... cause the insurance company is not bound by the court order, they have a contract with your husband. They will pay based on the terms of the policy.

She could get survivor's benefits for Ss but otherwise she is outa luck.

[Imom]

This was in a conversation a long while back Between her and  I...When I told her I was the benificary she got all hussy, but since then she has said nothing.  Hubby and I were talking the other day about what if something happen etc. I will set up ,I don't know what I'm really talking about here, some kind of account for all the children including ss with the insurance money, but it can't be touched until a certain age? There is nothing in the co about insurance, etc. again they were never married, so there is no divorce settlement, I was not for sure how insurance really worked, I thought I was right, let along how s.s. works. I read on the net they would had to be married for her to get anything I know ss will.

[MKx2]

Just my 2 cents here on a will and leaving $$ to the children ... think long and hard about the age you think the children should be able to access the money.

Our wills read that the children ust reach the age of 35 before they have free rein with the money.  The only way the money can be touched prior to that time is with the agreement of the executor and only for the purposes of buying a home, education or for payment of medical costs due to illness or disease, which is not covered by insurance.

Our feeling is that prior to that age any one of them could piss away a nice chunk of money and have nothing to show for it (our children are DS - 24, SS - 20, OSD - 18 and YSD - 16).

Just a thought ....

[MYSONSDAD]

I set it up the same way, only at 30 years. And then it is distributed for X amount of years.

If they want a fancy, expensive car, they can earn it!