Legal Question in Insurance Law in Iowa
The grandchildren were the beneficiaries of a grandparent's life insurance policy. Their mother, who had power of attorney for the policy owner, "gifted" the $100,000 proceeds to one adult child, to enable them to pay cash for a home. Do the minor children have any rights or are they simply out of luck? The grandparent intended the $$ to be used for college.
Asked on 2/11/12, 9:05 am
1 Answer from Attorneys
Stephen Lombardi
Lombardi Law Firm
It all depends on the exact words of the beneficiary designation or the will that made them beneficiaries. If the mother cheated the grandchildren then that's a matter to see a lawyer about. See a lawyer.
Answered on 2/11/12, 1:50 pm
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