I'm beneficiary of a life insurance policy, didn't see this coming, what now?

[tinfoilhat]

As one of the clueless here I have to say that I am still confused, I don't think your question was well formed. In the title you talk about being the beneficiary of a life insurance policy, than means a policy that pays you in the event of a death. But then you go on about the policy paying out and you cashing out the policy, you cannot cash out a policy that you are just the beneficiary of, you have to own it. It really is confusing.

So, just to clarify:

1) Who was the policy on, whose death would trigger the policy?
2) Who owns the policy? Who paid for it?
3) Who is the beneficiary of the policy?

For instance I could own a policy on my wife that has my daughter as the beneficiary. The implications are different for each person in a bankruptcy, and it is not clear from your description who you are in the whole situation.

This is a bankruptcy forum.
1. Obviously there was a death in the family.
2. it does not matter.
3. Apparently me, if it's not obvious. It's the title of the thread for ***** sake.

Like many times before....,.forget I asked, this forum has nothing to do with this matter. I'm sorry I asked.

Still hard to believe music12 answered the question which such lack of information provided. How did he figure it out? I didn't even tell anyone what color envelope the policy came in, I left that out too.

[LimpDisc]

Everyone on this forum has been through bankruptcy or might be starting on that journey. I was only curious of your situation in case there was a small chance I had the same unique problem. Like many others on this board, I am trying to gain as much knowledge as possible about bankruptcy and everything it entails.

Sorry that I tried to understand your situation.

Sincerly,

Clueless Idiot

[tinfoilhat]

Heres an easy to read version of my question, all copied and pasted from the title of the thread to the bottom of the first post, and then an answer.
---------------------

I'm beneficiary of a life insurance policy.

I was asked during my 341 meeting (on 8/17) if I was expected to be the recipient of a life insurance policy in the next six months.

My attorney said to fill out the paperwork, get a check or find out the amount, and he'll see if the trustee wants it.

I'm just wondering what would happen if I didn't send the paperwork in until the six months was up.

it doesn't matter when you send the info in, it matters when you become entitled to the $$.

[tinfoilhat]

Everyone on this forum has been through bankruptcy or might be starting on that journey. I was only curious of your situation in case there was a small chance I had the same unique problem. Like many others on this board, I am trying to gain as much knowledge as possible about bankruptcy and everything it entails.

Sorry that I tried to understand your situation.

Sincerly,

Clueless Idiot

No problem.

[bf2bf]

[tinfoilhat]

Cheers

I appreciate both of your replies, it might be hard to tell, but I do.
Thanks.

[bf2bf]

I appreciate both of your replies, it might be hard to tell, but I do.
Thanks.

You're welcome...

[Rahaton]

Tinfoilhat,

I am sorry about your loss, and I do not remember seeing your post #10 where you did state your father passed away when I posted my questions. I wonder if I had composed the post and then left it in a tab for a while before I posted it. Multitasking can be problematic.

I know you don't want to hear justifications, but people often ask bad questions on this forum and we are just trying to be helpful. You asked your question using what appeared to be conflicting terminology so we have to guess. Knowing everything I know now, I agree that music12's answer is most likely correct in your situation. Certainly, it doesn't matter in the case of $600, but all the silly argument about insurance policies does go to how the money moves. There is a difference between an inheritance and an insurance payout and we were just trying to sort out what you really meant.

Because of the low amount of money involved I assumed that you had cashed out a policy, not been the beneficiary of one and that there was no death in the family. At the very least I should have been more sensitive to your situation when I wrote my questions. I am truly sorry for any added aggravation I caused.

It is not worth the grief for $600, but if you are curious after you have a bit of distance from all this mess ping me and I can explain why those questions actually mattered and what the ramifications would have been.

[HHM]

This thread really isn't going any where. No offense, Tin, but you really aren't helping people help you.