Can my older brother keep a life insurance payout on our late mother's policy if it was in his name only?
Question Details: My mom passed away and she had no living Will. All my older had was her healthcare power of attorney and he was in charge of her. She had a $10,000 life insurance policy and she placed it in his name only. However, she always said that when she passed away each of her children was to get $2,500. My old brother now says that's since the policy was only in his name that all the money is his and he will not be giving any money to any of us. Is this legal or can I take him to small claims court to get my portion of the life insurance?
Unfortunately, this situation happens all to often. And just as unfortunately, non-listed family members have no rights to life insurance proceeds. Legally, only the person listed as the beneficiary of the policy is the one who is entitled to collect and keep the money.
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