[WSBAPT] Transfer of Ownership of Life Insurance Policies

[Setareh Mahmoodi]

Glenn,

Couple of things worth looking into. The policy itself, whether or not it
has any language regarding change of ownership and the process.

Was a probate opened in 2010 for the deceased spouse? If so, was the other
spouse three PR? Obtaining a copy of the letters and the Will should be
fairly easy, especially if it was in WA. So perhaps the easiest way would
be obtaining those and sending a copy to the insurance company.

My .2 cents!

Setareh

On Thu, Feb 16, 2017 at 4:13 PM, Glenn Price <glenn at pricefarrington.com>
wrote:

> 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 <(425)%20451-3583>  Fax: 425.522.4818
> <(425)%20522-4818>
>
> Email: *glenn at pricefarrington.com <glenn at pricefarrington.com>*
> Home page:   www.pricefarrington.com
>
> Estate, Tax, Retirement and Asset Protection Planning
>
>
>
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*Setareh Mahmoodi *

*Attorney at Law *

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