How does someone renounce thieir portion of inherited life insurance?
Full Question:
My husband passed away, and his adult children are the beneficiaries of his life insurance policy. If one of the adult children wishes to renounce their part and have their portion split between the other adult children, how would they do that in Virginia?
01/31/2007 |
Category: Wills and Es... ยป Disclaimer o... |
State: Virginia |
#905
Answer:
We suggest that you first check the terms of the policy. It may provide for
such a contingency, in which case, the insurance company could probably
provide you with the correct forms.
Most policies provide for contingent beneficiaries who have been named by
the insured, and if one child renounces his/her rights, the policy will generally
provide whom the contingent beneficiaries are.