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Can a executor be beneficiary of a will and insurance policy of the decedent?
Wiki User
∙ 15y ago
Yes, it is very common that a member of the family be named as executor.
Wiki User
∙ 15y ago
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What if no beneficiary is listed?
If no beneficiary is listed on an insurance policy the proceeds will be paid to the decedent/owner's estate.
What if there is no will or beneficiary on a life insurance policy of the deceased?
The policy proceeds will become part of the decedent's estate.
Can the beneficiary on a life insurance policy be changed by the executor?
No, the beneficiary of a life insurance cannot be changed by the executor unless he's the owner of the policy. The proceeds of a life insurance policy, unless the benefciary of the policy is the estate, are not subject to any conditions of the will. It is outside of probate.
How do you go about finding out if you are named a beneficiary on a life insurance policy?
First, determine who the executor is of the decedent's estate. You'll generally need his/her approval or the approval of the trustee of the trust that owns the policy to get this information. Either the executor or the trustee should contact the carriers that the decedent had policies with if the beneficiary is unknown. If you have a relationship with the family of the decedent or have access to the decedent's records, look through them and find premium payments made to an insurance company. Then, the executor or trustee should contact the insurer. If the decedent bought life insurance through his/her employer, old pay stubs will show the payroll deductions and you can use them to find out who the carrier was. If all of the above measures fail, contact the state where the decedent lived in. States have departments that hold unclaimed property; in this case, the death proceeds of a life insurance policy. The National Assn. of Unclaimed Property Administrators can help you contact the proper department in your state. See their web site at the Related Link, below
Does the executor of will have the right to give out life ins payout?
Possibly. First, if the policy states that the proceeds go to a specific named beneficiary, then the executor has no authority at all over it. In fact the executor has no right to even collect it for that beneficiary. Second, if the policy is payable to the estate, then the proceeds are to be distributed according to the terms of the will, not his own choices. Sometimes insurance is payable to an estate if the decedent names his estate as the beneficiary (highly unlikely) or if the named beneficiaries hav predeceased and there is no one left to receive the proceeds (it does happen but rarely).
Can your brothers wife keep proceeds from insurance policy as executor of his will?
If the estate is listed as the beneficiary of the policy, the executor is bound to follow the wishes of the deceased, in which case the proceeds would go to the "residuary legatee" if no other claim is made on it in the will. If the insurance policy names your brother's wife as the beneficiary, then it goes directly to her and is not part of the estate; in fact, if the beneficiary is not the estate, it should go directly to the beneficiary in any event.
Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts of the deceased, ensuring protection of the value of the assets of the estate, and distributing the assets as directed in the Will.
Is the beneficiary also the executor of the life insurance?
No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.
Legally does the life insurance carrier have to notify someone who is named as an executor of a life insurance policy if they are different than the beneficiary or spouse?
Although there is no legal requirement in some states, an insurance company will answer questions from the executor of an estate, owner of the policy, or whoever had power of attorney over the policy at the time of the insured's death. The beneficiary has no right to any information on a policy until a claim is to be paid to them.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
Is the surviving spouse the legal beneficiary of a life insurance policy if no one is named beneficiary?
The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.
Is the executor of a deceased beneficiary entitled to the Policy?
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
