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Can a heir reject life insurance My brother had life insurance no beneficiary. Parent will be getting 50 percent each if one parent rejects there end will the other parent receive the full amount?
Wiki User
∙ 12y ago
NO. Your question is a bit confusing. First you state their is no beneficiary but then indicate the parents may be the beneficiary.
Normally life insurance proceeds do not go through an heirs probate process. Life insurance goes directly to the designated beneficiary outside of any probate process unless no one has been designated or the designated beneficiaries are themselves deceased.
If there is no designated beneficiary at all, the life insurance will default to the estate of the deceased for probate and apportionment to the heirs.
If there are 2 equal 50 percent designated beneficiaries and one rejects their 50 percent portion, that 50 percent will be assigned to the estate of the deceased for probate and then be apportioned to the heirs of the deceased.
An heir can assign his or her inheritance to another heir if they so choose.
If the heirs reject the proceeds of the life insurance disbursed by the estate and then also decline to assign it to another heir, then those proceeds will default to the government.
Wiki User
∙ 12y ago
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Can a 50 percent life insurance beneficiary be forced to pay 50 percent of the funeral costs?
There is no requirement that they do so. The life insurance is a contract between the deceased and the company.
How do you you determine how to break up the percent of life insurance when you have more than one beneficiary?
It's personal choice. Some people may split it evenly amongst the beneficiaries, while others may decide that one beneficiary is in need more than others. Think about why you are getting life insurance in the first place, and then think about who the beneficiaries are and if their needs are the same or not.
Can you leave 50 percent to the primary beneficiary and 50 percent to the contigent beneficiary?
Yes. But you are using the wrong terms. You can leave 50% to each of two beneficiaries. The second will no longer be called the "contingent" beneficiary.
You live in Houston Texas and your wife wants you to be sixty percent beneficiary and our two adult children twenty percent beneficiary each How can you change this to where you get 100 percent?
If it is your wifes policy and she is the owner, only she can change the beneficiary designation. It does not matter what state you live in. 4LifeGuild
Choosing the Right Life Insurance Beneficiaries?
Life insurance is often purchased on the advice of an attorney when writing your will and planning your estate. When you purchase a life insurance policy, you need to name someone as the beneficiary of the policy in the event of your death. The beneficiary of a life insurance policy is the person who receives the insurance money after the death of the insured person. Anyone can be named as the primary beneficiary of your life insurance policy. In most cases, the person you choose will be your spouse. If you live in a community property state, laws in those states require you to name your spouse as beneficiary unless he or she has given you written permission to name someone else. You can also name a contingent beneficiary that would receive the proceeds of your life insurance if your primary beneficiary is deceased. You can also name two or more people as your primary beneficiaries. For example, if you have no spouse or children, you may choose two siblings to share the proceeds of the policy. In this case, specify the percentage of the proceeds that each sibling gets, i.e. fifty percent each, instead of an exact dollar figure. If you have minor children, your main reason for purchasing a life insurance policy may be to provide for their care until they reach adulthood. You and your spouse need to name a guardian for your children in your will, especially in the event that you both die at the same time. The beneficiary of your life insurance policy in this case could be the named guardian or a trust fund set up to hold the policy benefits. If you are a single parent, these decisions are critical to your children's future. You should avoid naming your estate as beneficiary since all assets in your estate must be distributed to the appropriate heirs by a probate court. Probate court proceedings can significantly delay payment of benefits to your loved ones. If a specific person has been named as the beneficiary, the proceeds are paid directly to that person and are not subject to the probate court. After you are satisfied with your beneficiary designation, you should periodically review your estate plan and will. You can easily revise the beneficiary to your life insurance policy when changes occur in your life.
What is the purpose of insurance redundancy?
Redundancy insurance is protection in case of becoming redundant, or getting laid off from, work. It pays a portion of your income, usually 75 percent, for a determined amount of time.
Is an ex-wife entitled to a husbands insurance settlement after 10 years of marriage the accident happened 8 years after their divorce but she still wants 50 percent of his settlement?
Many people who divorce do have a clause in the decree regarding insurance beneficiaries. If the decree is written this way and/or the policy includes her as a beneficiary, then she certainly has rights.
What are the chances of someone over 50 and overweight getting life insurance?
depends...quite good...depends on job...are you a smoker? 70 percent. depends how you live
What percent of your annual income is safe to spend on health related insurance?
what percent of your annual income is safe to spend on health related insurance?
What percent of California drivers do not have insurance?
10%
If you make 1420.00 and you spend 283.00 on insurance what percent of your income is spent on insurance?
19.92%
If your car door was hit in a parking lot when you were getting out and your insurance says you are 100 percent at fault is there any way to argue this?
You can always "argue" with an insurance company (or anyone). The end result will probably be the same though. Insurance companies seldom leave any loopholes for the consumer to slide through.
