answersLogoWhite

0


Best Answer

it will go to probate and the courts will have a long list of things for you to do before any money is awarded.

User Avatar

Wiki User

โˆ™ 2005-12-08 04:20:34
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides
๐Ÿ““
See all Study Guides
โœ๏ธ
Create a Study Guide

Add your answer:

Earn +20 pts
Q: Who gets money when a contingent trust that was never created is only named beneficiary of life insurance policy?
Write your answer...
Submit
Related questions

When talking in life insurance what does contengent mean?

In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.


If the beneficiary of a life insurance died before the policy holder do you need a copy of the beneficiary death certificate?

Yes. If there is a contingent beneficiary, the insurance company will need proof that the primary predeceased the principal in order to pay the contingent beneficiary. If there was no contingent beneficiary named the insurance company will pay the proceeds to the principal's estate.


If you are not listed as a beneficiary on your fathers life insurance policy are you entitled to anything?

You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.


What happens if the beneficiary of a life insurance policy is deceased?

Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.


What is a contingeny beneficary?

A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.


What is a beneficary?

A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.


What if the beneficiary of a life insurance is deceased?

When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.


Can you name someone older than you as your beneficiary on your life insurance policy?

Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.


What happens if there is no contingent beneficiary for a life insurance policy in Oregon?

In most cases the proceeds will be paid into the estate.


Is wife heir of a life insurance when the beneficiary and the insured dies?

If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment. Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts. If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country. You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.


Can a life insurance policy have more than 1 beneficiary?

Yes, you can have multiple primary beneficiaries, and contingent beneficiaries.


Is a general power of attorney allowed to add self as contingent benefactor on life insurance policy?

It is the person you are naming that has the power of attorney that can be the contingent beneficiary. You would be better to create a trust and make the trust the beneficiary


If the beneficiary of a life insurance died before the policy holder and there was no contingent beneficiary does the life insurance go the next of kin or to the estate?

The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.


How old does a beneficiary have to be for to receive payment from a life insurance policy?

There is no age restriction for a beneficiary on a life insurance policy.


Is a parent the beneficiary of their child's life insurance?

This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.


Can you have a secondary beneficiary on your life insurance?

Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.


Does life insurance become part of the estate?

The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.


Who is the beneficiary for your life insurance?

The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.


If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?

The purchaser of an insurance policy names the beneficiary.


Can an insured person also be the beneficiary on an insurance policy?

Yes, there is no bar in the insured person being beneficiary on another insurance policy.


If the beneficiary of life insurance policy dies and there was no contingent beneficiary who does the insurance go to?

The death benefit would go to the Estate of the insured. This would create a taxable event and would be part of the estate probate. In some cases as with Fraternal Companies, the death benefit would be paid to the decedents of the beneficiary.


Who can legally change the beneficiary on a life insurance policy?

The Insured can change the beneficiary on a life insurance contract.


How can you find out if someone left insurance policy and named me as the beneficiary after they passed away?

if someone died and left an insurance policy and named me beneficiary how can i find out


How do you file for a life insurance claim if the benediciary dies?

The company or agent can provide with a claim package, and the benefit will be paid to the estate unless there is a contingent beneficiary specified in the life policy.


What does a beneficiary do?

Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.