Q: Irrevocable Trust
Insurance policies that are listed on a schedule B with the intent of the settlor placing them in the trust, but settlor never did. Later he wrote a beneficiary on those insurance policies. Who do the insurance policies belong to, the beneficiaries in the irrevocable trust or the beneficiary on the insurance policy?. Is this similar to Dudek vsDudek. Also, if the whole life insurance policies’ premiums were paid when he was married, does the wife have any claim on these insurance policies in a community property state. is there a court case to support this?
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A: Given the complexity of this situation, it would be advisable for all parties involved to consult with an experienced estate planning attorney who can review all relevant documents and provide guidance based on the specific details of the case. The outcome could depend on the exact language used in the trust document, the insurance policies, and any other relevant agreements or documents.
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