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If this is a hypothetical question - that is the insured is alive - then you should get it CLARIFIED and properly name the beneficiary in the mannner the insured wants his estate handled.

If not, please send a copy of the beneficiary page so we can see exactly what was written. The proceeds most likely would be paid to son as beneficiary.

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โˆ™ 2015-07-15 18:58:34
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Q: If a life insurance policy names a son as executor and primary beneficiary are the proceeds paid to him as an individual or as executor to the estate?
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Can the beneficiary on a life insurance policy be changed by the executor?

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.

Can your brothers wife keep proceeds from insurance policy as executor of his will?

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.

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

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.

Are proceeds from life insurance og group plan taxable?

Usually, life insurance proceeds are free from federal taxes. If the beneficiary is an individual person/persons, the proceeds of a life isnurance policy are tax-free. If the beneficiary of a life insurance policy is the "Estate" of the insured person, the proceeds may be subject to estate taxes.

If the beneficiary of a life insurance died before the policy holder and there was no contingent beneficiary does the life insurance go the next of kin or to the estate?

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.

Does the executor of will have the right to give out life ins payout?

Possibly. First, if the policy states that the proceeds go to a specific named beneficiary, then the executor has no authority at all over it. In fact the executor has no right to even collect it for that beneficiary. Second, if the policy is payable to the estate, then the proceeds are to be distributed according to the terms of the will, not his own choices. Sometimes insurance is payable to an estate if the decedent names his estate as the beneficiary (highly unlikely) or if the named beneficiaries hav predeceased and there is no one left to receive the proceeds (it does happen but rarely).

What if no beneficiary is listed?

If no beneficiary is listed on an insurance policy the proceeds will be paid to the decedent/owner's estate.

Is life insurance consideredpart of the estate?

If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.

Can you have a secondary beneficiary on your life insurance?

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.

Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?

If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.

How do you handle life insurance in an estate without a will?

With life insurance, it does not matter if there is or is not a will, because life insurance proceeds are paid directly to the named beneficiary and not to the estate. The named beneficiary obtains a certified death certificate and submits it to the insurance company with the appropriate application form provided by the insurance company. The estate has no rights to the proceeds and would not even be paid to the estate. The only way the estate would be involved is if all named beneficiaries had predeceased the decedent or if the policy names the estate as the beneficiary. In that case, one of the heirs as defined in that state's laws would apply to be the administrator (if there is no will) or executor (if there is a will) and receive the proceeds.

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.

What happens to proceeds of life insurance if there are no beneficiaries and no estate?

There may not be a specified beneficiary still living or even listed on a policy but there is alway an estate. Perhaps you mean they had no will. If the person died "intestate" meaning without a will, the laws of the state where they resided in specifies where the proceeds of an estate go to and how they are divided up. The court will appoint an administrator or executor to handle the assets of the estate. If you have a specified beneficiary your like insurance proceeds will actually bypass probate in most cases and will go directly to the specified beneficiary.

Is life insurance taxable?

Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.

If a decedent has life insurance are debts paid from the life insurance proceeds?

If there is a named beneficiary 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 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.

Is life insurance part of the estate?

If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.

Does an insurance policy supersede a will in nc?

An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The issue is who is listed as being the beneficiary of the insurance policy.

What happen when the insured on an ins policy dies without a will?

The proceeds of the insurance policy are not effected as long as there is a named beneficiary. If the estate is the beneficiary than the proceeds are subject to probate and taxation.

If you are not listed as a beneficiary on your fathers life insurance policy are you entitled to anything?

You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.

In Louisiana does a divorced spouse remain an insurance beneficiary?

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.

If no beneficiary is named and there is a will and durable power of attorney can the person named receive the life insurance be assigned to the funeral home to pay the burial costs?

First, the Durable Power of Attorney was extinguished when the principal died. You can no longer use it. The authority to handle the estate assets is in the executor. If no beneficiary was named on the life insurance policy then the proceeds will be made payable "To the estate of Jane Smith". In that case the proceeds are part of the estate. The appointed executor would have the authority to cash the check and pay the funeral expenses.

Will my life insurance policy have to pay my student loans?

No. Life insurance is paid the the beneficiary named in the policy, your creditors have no claim against the insurance proceeds EXCEPT if the proceeds are paid to your estate.

What happens to the proceeds of a life insurance policy if the beneficiary is unclear?

When no beneficiary has been designated the proceeds of a life Insurance policy are assigned to the probate estate of the deceased insured. It would then be apportioned by the probate court to any surviving heirs.

Does a will refer to life insurance policies?

It may or may not but in general does not need to as the life insurance policies are individual contracts and would name a beneficiary who receives the death benefit outside of the will, estate and probate if properly named. Stated otherwise, the proceeds are paid to the beneficiary named in the policy. If that is a person or an entity other than the estate of the deceased, the proceeds do not become a part of the estate. However, if the beneficiary designation of the policy provides that the estate is to be the recipient, the proceeds would be included.

When talking in life insurance what does contengent mean?

In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.