Estates

Life insurance policies will require that certain documentation be submitted to constitute a claim for death benefits. These documents will likely include a claim form, a death certificate, and perhaps various other materials. Normally, when the insurer is notified of the death, it will supply a package of materials for completion and return.

Depending upon governing state law, the insurer typically has to issue payment within a stated number of days from having received all information requested; 30 days is not unusual. If the insurer cannot issue payment within the time (or has questions about the legitimacy of the claim (or the validity of the claimant, state law may require that it notify the claimant within the same period of the question(s).

If the insurer does not comply with governing law, it may be liable for interest on the unpaid proceeds.

Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.

how do I file a claim against an estate in Illinois, Cook county

Generally no. The principal should personally sign a change in beneficiary form. However, you need to review the original POA document to determine if that power was specifically granted. See also related question linked below.

Yes. The fund may have been in your parent's name at death in a "Payable on Death" account where your parent named a beneficiary directly with the company or bank that held the funds.

Money held in trust refers to funds that are managed by a trustee on behalf of a beneficiary, according to specific terms outlined in a trust agreement. The trustee is responsible for safeguarding the money and ensuring it is used for the intended purpose, such as supporting the beneficiary's needs or fulfilling certain conditions. This arrangement provides legal protection for the funds and ensures they are used as intended.

It depends on the laws of the individual state.

In general, if she was the mother of all three children, then the house would be split between the three of them.

If she was not the mother of all his child, then the house would probably be divided between the spouse and his child.

Consult an attorney in your jurisdiction.

Intestate.

It will depend on how the will was written. Depending on the wording, it may go to the beneficiary's heirs, or it may be divided up between the other beneficiaries of the original will.

If the testator is aware of the death of a beneficiary they should amend their will. If they don't, then see the information in the related question link provided below.

You cannot get access to a trust fund. A trust is managed by a trustee and the trustee is the only person with the authority to access the trust property. The trustee must manage the trust according to the provisions set forth in the trust document. If you are a beneficiary of the trust you should ask the trustee for a copy so that you can review the terms.

Next of kin would be the children.

You should keep detailed records with copies of checks used to pay the expenses. When the property is sold, the beneficiary's share of the expenses should be deducted from his/her share of the proceeds and that amount should be added to the share of the proceeds distributed to the other beneficiaries.

An executor is entitled to compensation. the beneficiaries are entitled to review and approve or disapprove of the level of compensation. If the beneficiaries do not agree with the level of compensation, a court must set it.

The amount of the executor's compensation may be adjusted up or down based upon a number of factors. these factors include:

a. The total value of the estate;

b. the complexity of the estate;

c. The time spent by the executor in the discharge of their duties;

d. the skill displayed by the executor in the administration of the estate;

e. The degree of care exercised by the executor;

f. The results of the administration and any investments made by the executor.

There used to be a rule, which prohibited an executor from "pre-taking" compensation before it had been approved the the beneficiaries or fixed, by the court. This rule has been modified by recent court decisions. As a result, an executor is entitled to "pre-take" compensation beforfe it has been approved by the beneficiaries or by the court. It is generally prudent to obtain beneficiary or court approval before taking the compensation. In the event that compensation is pre-taken, if it is ultimately determined by a court to have been excessive, the executor will be required to pay the excessive amount together with interest.

The preparation of accounts, income tax returns, management of investments, and other estate administration are the duty of the trustee. In appropriate cases, these functions can be delegated to qualified expers (accountants, lawyers, property managers, etc.) and the cost of such experts will be paid in addition to the executor's compensation.

Generally, yes. A person must be careful to change the name of the beneficiary on their life insurance after a divorce of death of the named beneficiary. You should consult with the attorney who represented the decedent in the divorce to determine the law in your state and whether the divorce decree extinguished the ex-spouse as the beneficiary.

The fiduciary is the person with the authority to make deposits to and withdrawals from a fiduciary account. If the original fiduciary cannot act a new fiduciary must be appointed.

It depends on how the will was written. Either option is a possibility, but the wording of the will should specify.

The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary. If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.

The property is no longer vulnerable to your creditors, your heirs or your personal income taxes. After a waiting period, it cannot be used to disqualify you from entitlements. You can choose how the income will be distributed and how the property will eventually be distributed when the trust is terminated. However, you cannot get the property back. An irrevocable trust should be drafted by an expert in trust law.

Next of kin and heirs at law are his wife and children. If you want to know who inherits his property if he dies without a will you can check the laws in your state at the related question link below.

It may depend on how the will was written. In most cases the intent is that the grandchildren get the money, though it is typically put in trust with the spouse for their benefit.

The attorney-in-fact under a Power of Attorney cannot do any self-dealing whatsoever. What you suggest would be illegal. If you need a loan from the principal it should be in writing with an unrelated witness and notary signing the promissory note. In that transaction you could not sign for the principal. Your actions as a fiduciary are governed by law. You need to make certain not to act in such a way as to make yourself vulnerable to legal challenges later or accusations of self dealing.

The principal must revoke a POA in writing and deliver the revocation to the attorney in fact. A copy should be delivered to any facility where the POA had been used.