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If the primary or secondary beneficiaries cannot be located, and there is no residuary clause (the safety net), then it is as if there were no will at all, and the local laws of intestacy would apply. If none of the relatives listed (spouse, children, parents, grandparents, cousins, etc) can be found, or if they have pre-deceased the testator, then the estate escheats to the state treasury. This could take years; making certain nobody else can be found.
What else can I help you with?
What if no beneficiary is listed?
If no beneficiary is listed on an insurance policy the proceeds will be paid to the decedent/owner's estate.
Can the 1st listed beneficiary deny receiving the death payment If so will the 2nd listed beneficiary receive the money?
If the first person who is listed as the beneficiary does not want the payment it will go to the second person listed. If there is no second person listed it will go to the spouse.
If you are the beneficiary listed on an insurance policy how can a person or persons not listed on the policy contest the claim if a change of benefit form was requested but never submitted?
Legally and contractually the named beneficiary is the beneficiary.
Person listed as beneficiary?
A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.
Why there is there a first beneficiary and second beneficiary?
Incase something happens to the first beneficiary. Such as: they pass away.
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 to a spouse when an ex girlfriend is left as the beneficiary on an old life insurance policy?
It is the responsibility of the person holding the life insurance policy to keep the beneficiary data updated as necessary. In the scenario in the question, the ex girlfriend was listed as the beneficiary ... and will be awarded the proceeds from the policy. Unfortunately, there is little the spouse can do to stop that. The beneficiary designation is binding and will hold up in a court of law.
What is the adjective form for beneficiary?
The word beneficiary is a noun but is also used as an adjective. Examples: Noun: You are listed as the beneficiary on your Aunt Alice's life insurance. Adjective: The beneficiary result of saving your money is that you can afford that vacation.
If the person that dies listed a beneficiary instead of a son do the benefits go to the beneficiary or the son?
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
Does the beneficiary listed on a bank account override the will?
Yes, the benefciary overrides a will.
Is beneficiary information on life policy a public record?
No it is not. The beneficiary information is listed on the policy and with the home office of the insurance company, but there is no reporting of it elsewhere.
