AboutWillard R. Brumbaugh, LUTCF, CSFP Expertise I can handle questions concerning life insurance, it`s tax implications, how to determine what is appropriate, and how it fits in one`s estate and retirement planning.
Experience For 2 1/2 years I was an expert on AskMe.com, where for most of that time I was ranked #1. I have been a moderator (instructor) for the Life Underwriters Training Council. I have been licensed since 1969.
Organizations I belong to: National Association of Insurance and Financial Advisors - California
and the Inland Empire Estate Planning Council.
I hold the professional designation of Life Underwriters Training Council Fellow.
Question QUESTION: My father died about 9 months ago. He was married to his second wife for about 11 months before he died. My sisters and I are now being sued by his second wife for "omitted spouse" relief since my father never updated his will after my mother died 5 years ago. We are asking for disclosure of the wife's assets but we believe she is hiding an insurance policy (she has a long track record of lying). Is there a way to track down a life insurance policy for a person who is still alive? We have her social security number. Thank you
ANSWER: Dear Donna,
Insurance that she has on herself is of no value to you. So, I presume that what you are interested in is a policy that would have been on your father.
If there was a policy on him with her as the beneficiary, it is likely that there would have been a request by the insurance company for an Attending Physician's Report. If such a report had been requested, there would be a record of this in your father's medical file in his doctor's office. If such an entry was made, you would be able to know what company or companies to contact to see if he had been insured.
A second place to look would be his checking account record; but due to his wife's participation in that account, I don't think that you would have access to it.
Willard R. Brumbaugh, LUTCF
---------- FOLLOW-UP ----------
QUESTION: Thank you for your prompt response. I understand that we have no claim on her insurance. However, our concern is that when her elective share is calculated it is calculated using my dad's estate value minus her declared assets. If she has a life insurance policy can't that be considered an asset and shouldn't that be used in the calculation of her share? And if that is the case and she does not declare the value is there a way to investigate is she does indeed have a policy?
Answer Only the cash surrender value of the policy would be considered. As to whether that should be considered, I do not know. However, the steps that I described in regard to your father would not apply in her case, since Federal privacy rules would interfere.
