Can You Change The Owner Of A Life Insurance Policy?
12689 POINTSview profileTed RatliffOwner, SFS Associates,Yes. Keep in mind that when you change ownership you lose all control of the policy and turn it over to the new owner. Make sure you have a solid reason for doing so. Some common practices would include: Making a funeral home the owner and beneficiary so that the funeral can be prepaid, assigning ownershio to a Funeral Trust, assigning ownership to a trusted family member. There are other reasons but again remember that you lose control over the policy.Answered on May 11, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaLife insurance is personal property and can be owned by a person or entity. Only the owner can change the ownership of the policy. And keep in mind that there may be ordinary income tax ramifications on the value assessed on the policy beyond its basis. It’s prudent to have a tax consultant assess the tax ramifications of any ownership changes.Answered on May 11, 2013+11+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.Only the owner of a life insurance policy can change ownership of the policy to someone else. If the owner passes away, the ownership of the policy goes to the contingent owner. If no contingent owner was named, the ownership of the policy goes to the estate. There the will, or intestate succession if no will exists, determines ownership.Answered on November 26, 2014flag this answer
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