Life insurance stolen, what can I do?

  • by Ashlynn
  • Nov 20,2015
  • 10 answers

My dad died over 10 years ago. I was left $45,000 from his life insurance policy (along with my siblings)but since we were all under 18 yrs old my dad made our uncle the policy holder(our names are also on it). Now that we are all of age he is not cooperating with us (ignoring calls,text,emails etc) and is refusing to give us any money. We also know he spent some of it. Is there anything I can do legally?


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Insurance Answers (10)

Doug Freyburger 6 months ago

You need to look at the policy.
If the policy was made out to a list of names you should have gotten one third each. Sue him in a civil case.
If the policy was made out to a trust fund with you as the beneficiary and him as the trustee he should start sending money as scheduled by the trust. Prosecute him in criminal court if he spent trust fund money.

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Bill 6 months ago

If you were a named beneficiary, the Insurance company would have been required to put your share into a locked account until you reached the age of majority. Contact the company for clarification.

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mbrcatz 6 months ago

No, there's nothing you can do. And, it wasn't "stolen". The money was left to your uncle, according to you. You can't "leave the money" to one person, and give it to another. It doesn't work that way. The money was given to your uncle - it's his money, and you are not entitled to any of it.

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Flower 6 months ago

Take him to court, sue him.

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Casey Y 6 months ago

Probably not. Who took care of you after your father died? If it was your uncle, be happy for the clothes on your back and the roof over your head.
If he did not become your guardian and did not contribute funds (again, you need to find this out), then you might have a case, but its an awful stretch. On top of everything else, does he even have the assets to pay this back if you did win?

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lucy 6 months ago

When your father died, then you and your siblings would have been 8 years old or less. At that age, none of you would know or understand about life insurance or any payouts.
The fact that you have the number of $45,000 each, means you either have seen the life insurance policy, or, that someone "told" you this, and have no proof.
Who took care of you when your father died? Was it your mother or uncle? Most parents leave the insurance to a spouse or relative, since that person maybe the one who would then be the guardian of the children in the care of raising them. So that money is there for the loss of your father's income, to support the kids. Most parents will make the children "contingent" beneficiaries, (if) the parent/uncle died.
This is a question for a "real" lawyer to answer, since they can determine what all the facts are.

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Beverly S 6 months ago

Probably nothing since your dad made him the policy holder & he was the only one at the time who was an adult. You can try a lawyer.

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Insurance Pickle.com 6 months ago

Did he make him the policy owner or the beneficiary. If he made him the beneficiary, then it's his money. Even if your dad said, "take care of them," "give it to them," etc...if you're not named a beneficiary, then it's not yours. Now, if he named your uncle the custodian for the funds...then you might have an argument.

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jmm2112 6 months ago

I don't think you're stating the facts exactly correctly. "Policy holder," beneficiary and trustee are all different things.
If your uncle was in fact the named beneficiary, then the money was/is his - period.
If YOU were the named beneficiary and your uncle was named the custodian or trustee of the insurance money because you were a minor, you should get legal advice - not Yahoo advice.

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A Hunch 6 months ago

Life insurance is used to supplement income of the individual that was lost. It is rarely put in a trust for minors. Instead it is intended for us on your day to day living expenses.
If your uncle was the primary beneficiary and you were secondary beneficiaries, this was never your money unless uncle died also.
If your uncle was given this money to provide you with care and that's what happened, it's the original intent of the money and the proper way to spend the money.
Can you do anything legally? After reading the life insurance policy and payout, if you still think he handled the money inappropriately you can talk to a lawyer about your options.

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