It would be distributed according to the state's probate laws.
If no beneficiaries are named on a life insurance policy, or all named beneficiaries are deceased, then benefits will be paid to the insured's estate.
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
The policy will be paid to the decedent's estate if there are no named beneficiaries or if the ones named have predeceased. the legal spouse or next of kin
A certificate of marriage is not required to collect on life insurance. Life insurance proceeds will be paid only to the named beneficiary/beneficiaries on the policy. If all beneficiaries are deceased, then the benefit will be paid to the deceased insured's estate.
An IRA requires a named beneficiary. If there are no beneficiaries named, it will be a part of the estate.
Usually the death benefits become a part of the deceased's estate and are distributed according to the probate succession laws of the state in which the person resided at the time of his or her death.
The probate process.
NAMED beneficiaries of insurance policies do not pay tax on it.
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.
The only person who can deal with the estate is the deceased's executor.However, if the decedent arranged for an annuity to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.
If the life insurance policy designates that payment is to be made to a beneficiary other than the deceased or to his/her estate, the proceeds pass outside of the estate and do not become an asset of it. Instead, all other things being equal, proceeds are payable to named beneficiaries. Note, though, that in order to collect, the beneficiaries must file a proof of claim and otherwise provide documentation that the insurer requires (such as a death certificate).
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.