NSW Someone Claimed Father's Life Insurance Policies?

[gayle dole]

My husband has found out that his late father had two life insurance policies that have been cashed.

Father passed away in 1983 and claim was made in 1987. We think we know who has done it just waitng for info from MLC as to the amount and if anything can be done about this. If it's a small amout, we don't care but if it's a large amout, not sure what avenue to go down.

 

[Rod]

Who was executor of the will? And who was listed as the beneficiary of the policies?

 

[gayle dole]

My husband's uncle was executor and there were monies put in trust for the three children, which they received on turning 18, but the 4 year gap between...should the life insurance go to the children or can he claim it, as no one else knew about it?

I think it was discovered at the grandmother's house. The only person on one policy was the ex-wife who moved to England with the children in 1980 and has no knowledge of who took it.

 

[Rod]

May not be simple to sort out Not sure if relevant, but was there a property settlement with the ex-wife and if so were the life insurance policies included in the property settlement?

If you are on good terms with the Uncle can you ask him what happened to the money? It may be possible the policy monies were added to the trust monies.

 

[gayle dole]

There was no property to settle. Husband has only started to meet that side of family and said the uncle does not have a good standing with the family and no policies were on the will at all.

They were left idle. Ex-wife knew of one that only had $2000 in it, but never claimed it and two of the siblings were of age by 1987 and no extra monies went to them.

One of the policies was in the ex-wife's name but when she wrote to MLC in 2004, they stated that they had been claimed, so she left it.

 

[Rod]

It can be expensive asserting the kids rights so probably best to wait and see what MLC say the policies were worth.

I haven't done exact maths, but $2000 30 years ago would be worth about $8-16k today.

 

[gayle dole]

Will let you know when I hear from MLC

 

[Rod]

OK. Keep in mind I haven't researched how the statute of limitations in NSW applies to your circumstances. Some civil claims are time limited starting when the event occurred (ie claims cashed in), and some claims start the clock when the civil offence is discovered or ought to have been discovered.