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What if life insurance was through an employer and no beneficiary was named?
Wiki User
∙ 13y ago
If no beneficiary was named the proceeds will be paid to the decedent's estate. The estate will be distributed according to the will or according to the laws of intestacy if there is no will. Generally, the legal spouse or spouse and children would inherit the proceeds. You can check the laws of intestacy for your state at the related question link provided below.
Wiki User
∙ 13y ago
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What does it mean when the beneficiary of a life insurance policy is the employer but there's a surviving spouse who is not listed as a beneficiary?
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
Does life insurance still go through probate if your name is the beneficiary in NH?
That is the beauty of life insurance~! With a properly named beneficiary there are no taxes and it avoids probate!
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Does insurance money need to go to estate when deceased?
No, the insurance money goes to the beneficiary named in the policy. If the beneficiary is not named, or the estate is named, it will go into probate.
If you are the beneficiary how could a friend claim the life insurance through probate?
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.
Who is the beneficiary in a life insurance contract?
The beneficiary is the person to receive the coverage amount when the person covered by the policy dies. In the first instance, the beneficiary is named by the applicant when application for the insurance policy is made. Unless the beneficiary designation is made irrevocable, the insured is free to change the beneficiary at any time until his/her death. Unless some provision of law or contract renders the designation of beneficiary irrevocable, the beneficiary does not have a right to remain as beneficiary and ordinarily cannot contest a subsequent change.
What if no beneficiary is named on a life insurance policy and they have a spouse what happens?
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
How can you find out if someone left insurance policy and named me as the beneficiary after they passed away?
if someone died and left an insurance policy and named me beneficiary how can i find out
If you are the step-nephew of an aunt who died and named you as the beneficiary of the life insurance can you still claim it?
If you are the named beneficiary then of course you can claim it!
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Is life insurance considered part of deceased persons estate when money is owed to loan companys?
If the life insurance has a named beneficiary then life insurance benefits are not subject to debtors claims. If there is no beneficiary or the "estate" of the deceased is the named beneficiary, then loan companies can come after the estate.
Can a will be used to name a beneficiary on a life insurance policy?
A will cannot insert a name or change the name of a beneficiary of a will. However, you can have an insurance policy made payable to the estate, then give the proceeds of the policy to a named beneficiary. Problem here is that the policy proceeds run through the estate and become subject to debts and administration expenses and perhaps taxes, whereas they would not be if a beneficiary were named in the policy.
