If they are named the benificiary of the life insurance policy. If they are not, it goes to the named individuals. If no one has been named, the policy will normally pay the estate and the procedes distributed according to the will or intestacy laws.
The will has no relationship to the insurance policy. The Policy is a contract between the insurance company and the insured and does not become a part of the estate.
The contingent beneficiary, if one was named.
Unless the ex husband changed the beneficiary to someone else, then the insurance money goes to her. It is not really an issue of relationship, but rather the person named is the one who gets it.
Hello, I am trying to see if a person had a life insurance policy in California. The person is deceased and I would like to see if a benificiary was named.
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.
The proceeds of the life insurance policy legally and contractually belong to the named beneficiary of the policy, in this case the caretaker.
No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.
No. Life insurance proceeds are not taxable. However, depending on the trust, the earnings, if any, while in the trust may well be.
In order to receive life insurance death benefit money, you must be named as a beneficiary in the life insurance policy with some exceptions. Some exceptions to this may be: All the named beneficiaries are not living. In this case, the life insurance benefit would become part of the estate and be paid out according to the will or trust. If the life insurance was payable to a Trust, then the Trust determines who receives the proceeds. If the insured party dies and there are no beneficiaries alive and there is no will or trust, then the state probate court would determine who gets the proceeds. Feel free to ask more. Brian Lombardo, CPA, Agent
Not unless you are named on the policy.
If there is no living beneficiary when the insured dies then payment of proceeds from a life insurance policy would be paid to the estate of the insured. If the insured had a will then the will provides who receives payment of estate assets. If no will is present then state law will provide how and to whom the assets are paid to. If the estate is very large then estate tax could be due on some of the proceeds of the life insurance policy because they become assets of the estate.