Can I get a lump sum payment from my beneciary money?
Posted by MarkAug 31
My grandma passed away couple years ago. Right now I"m getting the beneciary money monthly. Can this be changed to a lump sum payment? The economy is bad and it will seem to get worst so I would like to make a good used of the money. thanks.
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Depends on how the policy was written. Seems like your grandmother wanted it to be given to you monthly. This is not uncommon as most elderly are afraid of the youth squandering their estate.
First, you have to request that from the executor (the person who was assigned by your grandmother to insure that the terms of the will were carried out. If he approves, you have to go to the feduciary (that’s usually a bank) that is holding the funds. If they approve or if that do not approve, you, the executor, and a lawyer must petition the court that approved the will execution. You must request the change from that court overseer. Good Luck.
No one here knows what the payment arrangements are.
No, it cannot be changed.
It pays out, however the policy owner set it to pay out, when the policy was taken out. Once the policy owner dies, that’s it – the terms can’t be changed any more.