0
If you are the beneficiary of your father's life insurance can your brother get the money?
Not unless your Father split it up. If he has you listed, the money will go to you. Be sure to remember, any debts, funeral costs etc. will still need to be paid even if your Father passed away. * Death benefits from life insurance belong solely to the named beneficiary. The benefits are not subject to probate procedure nor can they be attached by creditors for debts belonging to the deceased. Surviving family members are not responsible for any debts of the deceased unless they have accepted that responsibility in a written contract or are a joint holder of the debt. The exception in some instances would be a surviving spouse when the couple resided in a community property state at the time of death.
What else can I help you with?
Person who receives money from a life insurance policy?
Beneficiary
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
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.
If you are beneficiary of life insurance policy is the administrator of the estate supposed to get your money?
Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance
Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?
If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.
If I'm the beneficiary of life insurance policies of my brother and who named me as beneficiary prior to his marriage and during his marriage do I still have legal rights to this life insurance?
You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.
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.
Person who receives money from a life insurance policy?
Beneficiary
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
Who receives the money from life insurance if the beneficiary is deceased the insured or the heirs?
The contingent beneficiary, if one was named.
Does a check made to beneficiary of life insurance need to be deposited into estate account?
No. That money belongs to the beneficiary of the policy.
Can you cash in your brother life insurance that you been paying for?
It depends on the situation, the beneficiary set up, if he's dead or not, and what kind of life insurance you had. If he died and left the money to someone else, you don't have a claim on it at all.
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.
Can a life insurance beneficiary sign over money to a funeral home?
yes
What happens if someone dies and has no beneficiary on his life insurance policy?
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
Is life insurance considered part of deceased persons estate when money is owed to loan companys?
If the life insurance has a named beneficiary then life insurance benefits are not subject to debtors claims. If there is no beneficiary or the "estate" of the deceased is the named beneficiary, then loan companies can come after the estate.
Can you contest the beneficiary on your husbands life insurance?
No, you can get him to change the beneficiary and then the money that is claimed will be yours if it has been changed by your husband to your name.
