[WSBAPT] Transfer of Ownership of Life Insurance Policies

[Glenn Price]

Professional colleague has posed the following question:

"Can a life insurance policy on a child's life, but owned by the parents, be transferred to the child by the surviving parent/owner without proof of the deceased owner's authorization or intent?

Surviving spouse has three policies subject to a letter from John Hancock Life Insurance Company requiring proof that the surviving spouse has authority to transfer her husband's estate ownership interest.  The spouse passed in 2010 and surviving spouse cannot locate a certified copy of the Probated Will or Letters of Administration.  She would like to give the policies to the respective children.  Is there some other way to document the surviving spouse's claim to complete the gift?  All policies were purchased in Washington State while the owners were married and residents."

Your insights are appreciated.

GDP


Glenn D. Price, J.D.
Price & Farrington, PLLC
Attorneys and Counselors at Law
Parkwood Office Center
2370 130th Avenue N.E., Suite 103
Bellevue, Washington 98005
Phone: 425.451.3583  Fax: 425.522.4818
Email: glenn at pricefarrington.com<mailto:glenn at pricefarrington.com>
Home page:   www.pricefarrington.com<http://www.pricefarrington.com/>
Estate, Tax, Retirement and Asset Protection Planning

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