Insurance
Life Insurance

Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?

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2011-06-28 00:49:08
2011-06-28 00:49:08

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.

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Related Questions


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.


Yes, it is very common that a member of the family be named as executor.


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.


Yes, there is no bar in the insured person being beneficiary on another insurance 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.


The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.


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.


A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.


The Policy Holder of a life insurance policy is the executor of the said policy.


A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.


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.


Yes, if the owner of the policy does not file a change of beneficiary the insurance will have to pay the proceeds to the person who is named on the policy.


In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.


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.


The executor should contact the insurance company and notify it of the death of the owner of the policy.


The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.


The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.


There is no age restriction for a beneficiary on a life insurance policy.


The girlfriend has the beneficiary wife wants to be the beneficiary


The holder is the owner, In the case of Life Insurance , the person paid is the beneficiary .



Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.


the key employer is the owner and the employer is the beneficiary.



the person in whose name the policy is issued legally is known as policy holder the person who gains insurance cover is known as beneficiary ,it may be himself or dependents(nominees)



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