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Who becomes the executor of your sister's estate if she died without a Will and failed to change your deceased mother as her life insurance beneficiary?
Wiki User
∙ 6y ago
The succession would be the biological father. If he is deceased, then the oldest biological sibling. The siblings can agree to appoint 1 sibling who is not the eldest, but the agreement should be in writing.
You should likely consult an attorney to be sure what to do. The life insurance company would likely need something from a Court for Intestate deaths.
Wiki User
∙ 6y ago
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What happens if there is no benificiary for a life insurance policy?
If there is no living beneficiary then the beneficiary becomes the estate of the insured. If there is a will the administrator of executor will have the benefits to pay for last expenses and then pay out as the State Law mandates. If there is no will the magistrate or probate court will assign an administrator or executor to handle these items.
Who becomes the beneficiary of a CD when the designated beneficiary is deceased?
Generally, when the named beneficiary is deceased and there is no contingent beneficiary named then the account will revert to the estate of the owner and pass as intestate property unless there was a will with a residuary clause.
If a beneficiary to an estate becomes deceased and that beneficiary had a distribution in that year would the heirs of the now deceased beneficiary receive a K-1 and be taxed on that distribution?
If the distribution to the beneficiary was mandatory, and the trust agreement does not provide for alternative disposition on the beneficiary's death, and/or the trust agreement provides that the distribution is mandatory and not discretionary, then the distribution should be payable to the deceased beneficiary's estate, which could get the K-1 as to any portion of the distribution that constitutes income rather than principal. The distribution to the deceased beneficiary's estate could flow through to the heirs of the deceased beneficiary's estate.
If my father died can his sister drive his vehicle under his insurance?
If paid in advance (as most insurance policies are) the insurance is good until the day it expires whether the purchaser is still alive or not. The bigger question is; does his sister have the legal right to use the deceased's vehicle? Unless she is a co-owner of the vehicle it becomes the property of the deceased's estate and falls under the control of the Executor of the estate.
Does the beneficiary pay from life insurance pay the IRS if you die?
Ideally no, however there are scenarios. If the deceased named you as his life-insurance beneficiary, the money goes straight to you, without passing through probate. Even if the estate can't cover his back tax debt, you get to keep the money. If the estate is the beneficiary or the deceased didn't name a beneficiary, however, the death benefit becomes part of the estate. The IRS can then seize it for unpaid debts, just as it can seize other estate assets. So can other creditors. If you're the deceased's spouse and you filed joint tax returns, the law makes you liable for each other's tax bills. *The exception is possible, if you can claim "innocent spouse" protection: if you show you weren't responsible for the debt and didn't know about it, you may escape paying. Also in cases of estate tax, its upto the executor on how to manage and who sees the pennies, this depends on various scenarios on a case to case basis.
Can there be only one co-executor?
No, in fact, you can have as many co-executors as needed. However, as you can imagine, the more co-executors you have, the more complicated administering the estate becomes. I always suggest that only one executor is named, followed by an alternate executor if the original executor cannot act, or has pre-deceased the testator.
What happens if the deceased have a mortgage but don't have a beneficiary?
It's unclear what this question is trying to ask, but I'll take a stab at it. When you said "don't have a beneficiary," it sounds like what you're trying to say is that the deceased died intestate ... that is, without a will. The estate of the deceased will be disposed of according to (local) law for those who die intestate, which generally speaking amounts broadly to "any creditors get their chunks, and then the family gets whatever's left; if there's something left but there is no next of kin, the state takes it." The mortgage (assuming the deceased is the debtor) becomes a liability of the deceased's estate. If the deceased is the creditor, then it becomes an asset of the estate. It will then be handled as any other asset or liability.
As an owner of a life insurance policy can you change the beneficiary after the death of the insured?
Perhaps this question could be rephrased. The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable. The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).
Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
Can an executor who is also a beneficiary contest a will he is executing?
Generally, a will contest is filed when notice has been given that someone has petitioned the court to have the will allowed and appoint an executor. An executor is not appointed until the will is allowed. If there is some dispute as to the validity of the will an executor will not be appointed until the court makes a decision whether or not to allow the will. So to answer your question, until the will is allowed by the court there is no executor. After the will is allowed and an executor is appointed, it's too late to contest the will. Sometimes information becomes available after the will has been allowed such as a later will found. That is another category of court action.
How does an estranged family member find out if he or she is a beneficiary?
If the decedent owned property then the will must be probated. Once a will is filed for probate it becomes a public record and you can request the file and review the will. However, if you are a named beneficiary or an heir at law, you should receive a notice in the mail that the will has been presented for allowance and someone has petitioned to be appointed the executor.
How can you determine if you are a beneficiary of a life insurance policy?
The beneficiary of a life insurance policy is designated when the policy is taken out. After that the policy owner (usually the insured but now always) can change the beneficiary by completing a change of beneficiary form. The company processes the change then sends you an amendment showing the change. Normally you put this amendment with the policy as it becomes part of the policy. If the policy owner kept their records straight then you could look at the policy and see the latest amendment to find out who the current beneficiary is. If your not sure the policy is kept up to date you can contact the company and see who the latest beneficiary is on the policy.
