In most cases, you can decline the payment, which will go into the estate and then to the beneficiaries of the estate. Consult with the insurance company and the executor of the estate to be sure that is what you want to happen.
You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
Ifyou parents get separated you will either live with your mom or dad.
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.
Yes, that is often the case when a spouse dies. It saves the estate money.
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).
I get it.
Your father should make certain he has named a beneficiary on the account. That way it will pass directly to the beneficiary. If he doesn't name a beneficiary it will pass to his estate and his estate will need probating. In the event of his death you should get expert advice on what to do with the account. You may want to keep it as your own 401K if possible.
It could happen.
Ace Bailey Benefit Game happened on 1934-02-14.
Insurable interest in the proposed insured
It depends on the type of annuity and how your payouts are calculated. There are several different methods. You do have the option of naming a beneficiary on your annuity, and with certain types of payout options that beneficially could receive the money in your annuity when you die. Other options just pay out during your lifetime, and the payments stop when you die.