Some body owes me money and he will willing to pay. Unfortunately he does not have the money now. He is willing to add me to his

Asked about 6 years ago - Roseville, CA

some body owes me money and he will willing to pay. Unfortunately he does not have the money now. He is willing to add me to his Life Insurance as one of he benficiary. How do I make this legal ie do I have to register this as part of a will so that he or any of his family member cannot revoke the same

Attorney answers (2)

  1. Jonathan Gregg Stein

    Contributor Level 11

    1

    Lawyer agrees

    1

    Answered . He just needs to add you as a beneficiary. However, there are several problems with this. First, he can change the beneficiary at any time. Thus, he can add you now and take you off in 6 monthhs. How are you going to know? Second, he could miss a payment and then the policy would lapse and you would not get any money. Finally, the policy has many exclusions and if one of those exclusions applies, the policy would not pay any money. You may be better off with a judgment against this person.

  2. John M. Kaman

    Pro

    Contributor Level 20

    Answered . Life insurance beneficiaries receive their benefits outside the will. He need not add anything to the will but you will want to make sure you are a designated beneficiary of his life insurance policy.

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