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If an individual dies owing back taxes to IRS and has no spouse or heirs can they claim the life insurance as payment even if there are beneficiaries listed in the policy?
Wiki User
∙ 16y ago
Presuming the beneficiary is not the decedent or his estate...NO. Passes to the named beneficiary.
The rules of decent for the local of the persons death with determine who the heirs are...and there virtually always are some. Heirs are not responsible for the taxes or other debts of the decedent either. His estate will be. Whatever remains after paying the debts go the heirs.
Wiki User
∙ 16y ago
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'in death how much is paid if individual has several whole life insurance policies'?
The amount that is paid by whole life insurance is the face value of each policy. It would be paid to the beneficiaries listed by the owner upon his/her death.
My sister may have collected on a life insurance policy that listed us both as beneficiaries what can i do?
Sue her and the life insurance company that paid her.
Do insurance companies write separate checks if there are multiple beneficiaries?
Yes, the insurance company will pay the benefit amount to each beneficiary as named on the policy at the percentage listed.
What happens if all beneficiaries of a life insurance did not get paid?
Usually the insurance company takes extreme care to locate and pay beneficiaries who are listed by the decedent. If they cannot find a person, then the money is held until they can. You could contact the insurance board, but first check to be sure that the person who did not get paid was actually a beneficiary.
A parent dies and leaves two children as equal beneficiaries to his estate in his will. One of them is listed as a recipient of an insurance policy. Must he split the proceeds of the insurance policy?
No. The life insurance proceeds pass outside of the parent's will.
What happens if the policy holder dies?
If the owner of an insurance policy is deceased then is should be listed as an asset when it comes to distribution. If the insured dies, then any value would be passed on to any listed beneficiaries.
What if the executor doesn't pay the beneficiaries of a life insurance policy?
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
Does the beneficiary of the life insurance policy have to turn over funds to the estate to pay debt?
I am not an expert but have been involved in my dad's estate. If you are a listed beneficiary on the life insurance policy, it is your money. Unless you are the spouse. Debt does not have to be paid by the beneficiaries. My dad's left over $30,000 in debt. He had a $30,000 life insurance policy that had named beneficiaries. We got the insurance policy and did not have to pay for the debt. Check your state's policy. Go to a free law clinic and verify this info. Good Luck!
How does one end Private Mortgage Insurance?
Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.
Where can I find information on critical illness insurance?
Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
If I'm invested in a $100K CD and have two Beneficiaries listed, what is my FDIC - is it $100K or $300K, and is the add'l $200 only in case of death ?
100k of insurance based upon a c/d in the name of only one person.
Can you buy insurance if you do not own a car but drive a car which belongs to someone else who is not insured?
The vehicle is insured not the individual. You can pay for and obtain the insurance in the name of the owner with you listed as an insured operator.
