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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.
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∙ 10y ago
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Can a surviving child receive money from deceased parent's life insurance policy?
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.
What happens if you are named a benificiary in an insurance policy but the will says different?
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.
Who receives the money from life insurance if the beneficiary is deceased the insured or the heirs?
The contingent beneficiary, if one was named.
How can I contact the naic life insurance company location system?
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.
If you were someones caretaker until they pass away and they leave you as benificiary on their life insurance policy and not their stepchildren does this legally belong to the caretaker?
The proceeds of the life insurance policy legally and contractually belong to the named beneficiary of the policy, in this case the caretaker.
Does insurance money need to go to estate when deceased?
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.
Your daughter was named beneficiary for her fathers life insurance the money was put in a trust fund until she turned 18 Upon reaching 18 will the money she receives be taxable?
No. Life insurance proceeds are not taxable. However, depending on the trust, the earnings, if any, while in the trust may well be.
Is the beneficiary also the executor of the life insurance?
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.
Can you still receive life insurance money if it is not named in a will?
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
Who receives the money from life insurance if the beneficiary is deceased the insured or the heirs and there is no contingent beneficiary named?
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.
My partner died and left an insurance policy but didnt make a will i had 3 children with her am i entilted to her insurance money?
Not unless you are named on the policy.
Who receives the benefits or money from a life insurance policy upon the death of the insured?
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.
