When a will has been filed for probate, there is a short period at the commencement of a probate proceeding when it may be contested. Any objection must be filed with the court during that period or the right to object is lost.
After the payments of their debts, their assets are distributed to their heirs under the provisions in their will or by the laws of intestacy if they have no will. You can check the laws of intestacy in the US and the UK at the related question link provided below.
The assets are distributed in accordance with the defunct organization's "Dissolution" clause in its bylaws. In the U. S., the assets need to be distributed to another organization that is registered as an IRS Code 501(c)(xx) entity.
The assets of an estate are held by the trustees of the estate. After all debts and testamentary dispositions have been satisfied the residue may be distributed
You can file a claim against their estate in probate court with proof of the debt. If you have proof of the debt and they have assets of value, you must be paid by the estate before any remaining assets can legally be distributed to their heirs. If they have nothing of value, than you have nothing you can claim from them.
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After the assets are distributed, a new policy should be written. I would contact the agent and inform them of the named insureds passing.
The laws of intestacy will be applied. It will specify the distribution of the assets.
Assets are distributed "in kind" when the asset itself is ditributed. E.g. if a decedent leaves stock to someone it is distributed in kind when title to the stock certificates is transferred from the decedent's name to the beneficiary's name.
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
It becomes an asset of the estate. It will be inventoried with the other assets. It can then be used to pay debts and then distributed to the beneficiaries per the will or the intestacy laws.
There should be no remaining assets in the estate once it has been closed. All the property should have been distributed according to the Will or according to law.
You must read the provisions of that particular trust to determine how it directs that assets be distributed. A trust is managed according to the provisions set forth in the document that created the trust.