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What happen when the insured on an ins policy dies without a will?
The proceeds of the insurance policy are not effected as long as there is a named beneficiary. If the estate is the beneficiary than the proceeds are subject to probate and taxation.
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 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.
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.
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 if there is no will or beneficiary on a life insurance policy of the deceased?
The policy proceeds will become part of the decedent's estate.
Can a will be used to name a beneficiary on a life insurance policy?
A will cannot insert a name or change the name of a beneficiary of a will. However, you can have an insurance policy made payable to the estate, then give the proceeds of the policy to a named beneficiary. Problem here is that the policy proceeds run through the estate and become subject to debts and administration expenses and perhaps taxes, whereas they would not be if a beneficiary were named in the policy.
Are proceeds of a life insurance policy included in the living trust assets if the named beneficiary of the policy is an individual?
No, the proceeds of a life insurance policy are not included in the living trust assets if the named beneficiary is an individual. Life insurance benefits typically pass directly to the designated beneficiary outside of the trust, regardless of whether the policyholder has a living trust. However, if the trust is named as the beneficiary of the policy, then the proceeds would be included in the trust assets.
When there is no beneficiary listed on a life policy do the proceeds go to the estate?
Yes. The proceeds will become part of the taxable estate.
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.
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
As a beneficiary do you own the policy after insured dies?
No. You do not own the policy. You will only receive the policy proceeds after the insured person dies.
