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Does the name of the contingent beneficiary appear on proceeds check?
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What does a beneficiary do with a life insurance check?
In most cases, the beneficiary has no specific responsibility to do something with a life insurance payout. However, you should be careful to retain a portion of it to cover taxes that might result because of the income. Additionally, if the recipient of the proceeds gets it on behalf of another person (for example, a parent on behalf of a child), the recipient has a fiduciary duty to hold/use the funds in trust and for the best interests of the intended beneficiary.
Does the bank notify you when your life insurance beneficiary is to receieve monies?
I'm not taking your question lightly, but if YOUR life insurance beneficiary is going to receive money, that means YOU died. Hence, since you would be gone, there would be nobody to notify. The insurance company has to be notified of your death. Your BENEFICIARY or policyowner or executor has to FILE A CLAIM to receive the death proceeds. The check is usually just sent to the beneficiary or beneficiaries. Sometimes things are a little more invovled when there are title questions, like a divorce, or dying intestate, or if the insurance company is notififed of a dispute in court over the ownership. If you're having a dispute, notify the insurnace company of the dispute and the person's death, so they can freeze issuing the proceeds to someone who may be last listed as the beneficieary, but the court finds in favor of another party.
Can you stop a good for payment cheque?
No. A good for payment is automatically paid to the beneficiary upon the maturity of the check. A bank undertakes the responsibility that it will not stop the payment of the check under any circumstances.
Can the ex wife keep money from life ins if she is named beneficiary on exhusbands insurance?
If I m listed on my ex husbands employee life insurance after 10 years can i keep it. Check was issued to me
How do you find out if you are the benificiary to a life insurance policy?
Ask the insured if still alive, or check the policy. You can also call the insurance company and ask customer service if you are the beneficiary. You would need the policy number.
What happens if the beneficiary of a life insurance policy is deceased?
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.
Is a parent the beneficiary of their child's life insurance?
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.
If someone dies and their beneficiary is dead who gets the money?
If the beneficiary predeceased the testator and there is no contingent beneficiary named in the will the property will be distributed as intestate property under the state laws of intestacy as if there was no will. You can check the laws of your state at the related question link provided below.
The insured did not sign a beneficiary form. Who can claim the proceeds at the death of the insured?
If the insured didn't sign a beneficiary form the policy will be payable to the decedent's estate. The proceeds will pass according to the will or the laws of intestacy if there is no will. You can check the laws of your state at the related question link provided below.
What do you do if you are the next of kin and the beneficiary on the life insurance policy doesn't want the proceeds?
== == Do you mean that you are, for lack of a better way to phrase it, the next in line for the proceeds? If you are, then act according to what you would do if you had been the beneficiary in the first place. The fact that someone else does not want the responsibility or the blessing (?) of the proceeds should not change your actions. If you are the beneficiary due to their lack of interest or willingness do what you would normally do and won't worry about it being unethical. == == Simple answer - ask him to sign the check over to you.
What if life insurance was through an employer and no beneficiary was named?
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.
If there are two beneficiaries and one dies previous to the insured do proceeds go to the surviving beneficiary or half to the dead beneficiary's heirs?
There is no single answer to your question because the facts may be different in different cases. First, the insured should change the beneficiary designation if a named beneficiary dies before the insured's death. That will avoid problems later.A beneficiary designation may include additional instructions when two or more beneficiaries are named. First, the insured can name "contingent" beneficiaries who will take a deceased beneficiaries share- on any life insurance policy. Second, the beneficiaries may be named as beneficiaries "per stirpes" or as "joint with the right of survivorship" where if one dies their share passes to the survivor.You need to check the designations on the particular insurance policy, the policies of the particular insurance company and the laws in your jurisdiction.
What if the life insurance is not mentioned in the Will?
If there is a named beneficiary on the policy the life insurance proceeds bypass probate and the beneficiary will receive the money. If none is named, the proceeds are paid over to the estate. If there is no Will, the proceeds will pass to the heirs at law according to the state laws of intestacy after the debts of the decedent have been paid. If the proceeds are paid over to the estate the debts of the decedent must be paid before any assets can be distributed to the heirs. You can check the laws of intestacy in your state at the related question link provided below.
What happens if the beneficiary of a life insurance policy has passed away leaving no will?
My uncle was beneficiary on his mother's policy and has since passed away leaving no named beneficiary, so do the proceeds get distributed pursuant to the will? Yes Otherwise, check the rules for your state on "intestate" sucession. This situation is why it's a good idea to name a secondary beneficiary. If the primary passes away, the next in line gets the payout.
What happens if someone is already dead when they are a beneficiary?
The answer depends upon the laws of the state in which the decent died. It also depends upon what the will says. Some will specifically state what happens in such a case and those wishes are to be followed. In absence of specific directions or in absence of a will state laws control. Different states might have different rules. As an example, in NJ, there are several rules dealing with this issue. First, if the deceased beneficiary is a child of a grandparent common to the decedent and the beneficiary, then the gift the deceased beneficiary would have received had he/she lived goes to the issue (children and grandchildren) of the beneficiary. It does not get distributed as part of the deceased beneficiary's estate. If the beneficiary and the decedent have no common grandparent then the gift lapses and it goes back into the estate to be distributed according to the will most likely as part of the residuary estate. I trust that that is perfectly unintelligible.
Your Aunt passed away and named your Grandmother as the beneficiary your grandmother preceded her in death and your mother is the executor of both of their estates and will does Mom get the money?
It depends on the provisions in the wills. If the wills name a contingent beneficiary then that person inherits if the primary beneficiary has predeceased the testator. If there is no contingent beneficiary then the property would pass as intestate property according to state laws of intestacy. You can check your state laws of intestacy at the related question link provided below. You should remember that a person becomes an executor only when appointed by a court. The probating of an estate should be supervised by an attorney who can answer all your legal questions and make certain the law is followed.
What does a beneficiary do with a life insurance check?
In most cases, the beneficiary has no specific responsibility to do something with a life insurance payout. However, you should be careful to retain a portion of it to cover taxes that might result because of the income. Additionally, if the recipient of the proceeds gets it on behalf of another person (for example, a parent on behalf of a child), the recipient has a fiduciary duty to hold/use the funds in trust and for the best interests of the intended beneficiary.
