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If a TX inmate becomes a beneficiary of an insurance benefit can the state or Fed Gov't attach a portion of or seize all of the benefit for state or fed costs attributed to the person's incarceration?
Wiki User
∙ 15y ago
Unless the court has ordered lien to be placed against the inmate's assets I'm not aware of any law that requires a prisoner to reimburse the state FOR THE COST OF HIS INCARCERATION, or that disallows him from inheriting. However, if the inmate has tax liens against him by the state or the feds, the inheritance can (and probably will) be seized in payment of those just debts -or- there is an order of restitution on file against him, it can also be seized in payment of that also.
Wiki User
∙ 15y ago
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As an owner of a life insurance policy can you change the beneficiary after the death of the insured?
Perhaps this question could be rephrased. The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable. The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).
Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
How can you determine if you are a beneficiary of a life insurance policy?
The beneficiary of a life insurance policy is designated when the policy is taken out. After that the policy owner (usually the insured but now always) can change the beneficiary by completing a change of beneficiary form. The company processes the change then sends you an amendment showing the change. Normally you put this amendment with the policy as it becomes part of the policy. If the policy owner kept their records straight then you could look at the policy and see the latest amendment to find out who the current beneficiary is. If your not sure the policy is kept up to date you can contact the company and see who the latest beneficiary is on the policy.
What happens if there is no benificiary for a life insurance policy?
If there is no living beneficiary then the beneficiary becomes the estate of the insured. If there is a will the administrator of executor will have the benefits to pay for last expenses and then pay out as the State Law mandates. If there is no will the magistrate or probate court will assign an administrator or executor to handle these items.
Is life insurance exempt from being claimed for bills in an estate?
STILL ONE OF THE GREATES BENEFITS AVAILABLE: Life insurance with a named beneficiary is paid outside the estate, directly to that beneficiary. It is not subject to any other claims by anyone involving the decedent. (It is also not taxed). Unfortunately, some people name themselves or their estate (which is the same) as the beneficiary. Then it simply becomes another asset of the estate to be taxed, and distributed after handling the claims against the estate.
Who becomes the beneficiary of a CD when the designated beneficiary is deceased?
Generally, when the named beneficiary is deceased and there is no contingent beneficiary named then the account will revert to the estate of the owner and pass as intestate property unless there was a will with a residuary clause.
What does beneficiary?
A beneficiary means one who benefits from something. The benefit may come from an estate, trust, annuity, insurance policy or some similar source.Where there is a will there is a relative. Let us say a rich Uncle likes one of his relatives he will make out his will so that when the Uncle dies the relative he likes will get his money and benefit by it. Thereby that relative becomes a "BENEFCIARY" (Beneficiary)
What happens when the beneficiary becomes mentally ill in a will at the time of death of the testator?
The mental status of the beneficiary has no bearing on distribution. If they have been declared mentally incompetent, the inheritance will be added to the trust for the beneficiary.
What happens if sole beneficiary dies before estate is settled?
If the beneficiary died after the testator you must review the will to make certain there is no set time period the beneficiary must survive the testator. If there is no such provision then the gift becomes part of the beneficiary's estate.
How to change beneficiary?
Normally you just get a change form from your insurance company and fill in the things you want to change, submit it to the company for processing. After it is processed they will send you back a copy to add to your policy which then becomes part of your policy.
If the beneficiary of an IRA dies and then the IRA holder dies and there is no contingent beneficiary what happens next?
I believe it reverts back to the owner, and thus becomes part of his estate.
What does beneficiary mean?
A beneficiary means one who benefits from something. The benefit may come from an estate, trust, annuity, insurance policy or some similar source.Where there is a will there is a relative. Let us say a rich Uncle likes one of his relatives he will make out his will so that when the Uncle dies the relative he likes will get his money and benefit by it. Thereby that relative becomes a "BENEFCIARY" (Beneficiary)
