It is usually not necessary to put ownership of Life Insurance into your living trust. I normally recommend that the policy be kept outside the trust as the proceeds will pass without probate. Discuss the tax considerations of who should be the owner with a tax professional familiar with estate taxes.
I normally recommend that your spouse (if married) be the principal beneficiary of the insurance with your living trust as the contingent or secondary beneficiary. This way, if your spouse precedes you in death, the policy will pay proceeds to the trust which will distribute the proceeds with the rest of your estate exactly as you have planned without probate.
No it is not. Probate however is.
If you believe that you are a beneficiary of someone's life insurance policy, but don't know which insurance company - go to court and request to see the probate file of the deceased's estate. It should be listed there.
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.
The Florida Probate Code In Florida, divorce does not remove the ex-spouse as beneficiary under a life insurance policy. Florida takes the position that the life insurance policy is a contract and should not be interfered with unless fraud is involved. Check your insurance policy to be sure who you have named as beneficiary. Do not rely on the numerous statutory probate codes to determine who will get the insurance proceeds. If you want to change the beneificary of your life insurance policy and the divorce decree is final, complete a new beneficiary form, keep a copy and send it to the insurance company.
The proceeds of the policy are paid to the estate and the estate must be probated. There is usually an expedited probate process for small estates. You should inquire at your probate court.
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.
insurance proceeds are distributed to named beneficiaries In addition an insurance policy of a deceased that does not have a named beneficiary will be included in the probate procedure and the state's probate law of succession will apply.
The information should be available to all family members who are the beneficiaries of the policy or are affected by the probate of the deceased person's estate. If the person withholding the information is the Executor of the estate, that person does not have the right to withhold this knowledge from the beneficiaries of the policy. Notify the probate court of this,
A 'commission' paid to an insurance agent generally comes from the company that the insurance policy is placed with, NOT from the individual who bought the policy. If the agent knowingly, placed the policy with the intent of collecting the commission, and then immediately cancelled the policy then, yes, that would be fraud, unless his working agreement with the insurance company addresses it otherwise.
No, the insurance money goes to the beneficiary named in the policy. If the beneficiary is not named, or the estate is named, it will go into probate.
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.
An insurance endorsement (also known as a rider) is a document that is attached to an insurance policy which modifies or changes the coverage provided in that policy. An example endorsement is one that is placed on homeowner's insurance which protects the homeowner from floods.