by Guest » Tue Apr 01, 2008 12:02 pm
When a life insurance policy gets turned over to the state what happens?
Do you go in front of a judge, judge and jury, or arbitrator? How does this person make a decision? what kind of questions do they ask?
How do they pick the venue? Can you request a change of venue if you feel the court may not be impartial?
Basically what should you expect?
Do you go in front of a judge, judge and jury, or arbitrator? How does this person make a decision? what kind of questions do they ask?
How do they pick the venue? Can you request a change of venue if you feel the court may not be impartial?
Basically what should you expect?
Posted: Tue Apr 01, 2008 01:27 pm Post Subject:
I would 'think' it would be in the probate court of the county where the person that past, resided, or died...and yes I would further 'think' the judge would make the decision, of course a person could always appeal, I would suppose
Posted: Wed Apr 02, 2008 06:56 am Post Subject:
Depending on the state you live in (a state of confusion doesn't count), the court will appoint someone to oversee, and potentially moderate, your particular case. Don't stress out over what you should do and what you should be ready for. If you are truly entitled to anything, either as a executor or beneficiary, someone [should] literally take you by the hand and walk you through the process.
Do you go in front of a judge, judge and jury, or arbitrator? How does this person make a decision? what kind of questions do they ask?
How do they pick the venue? Can you request a change of venue if you feel the court may not be impartial?
There isn't really anything you can do but just sit back and enjoy the ride. Unless you're counting on the California court system. That ride never ends.
Posted: Wed Apr 02, 2008 11:53 am Post Subject:
I am the executor and I was an original ben., although I am not currently listed as ben. There are other assests in this estate which currently I am being forced to use to settle the estate however these assets are also my inheritance, so of course I would like to keep them. As executor can I ask for the debts of the estate and win or are these procedes off limits
Posted: Wed Apr 02, 2008 12:46 pm Post Subject:
I was an original ben., although I am not currently listed as ben.
huh? how did this happen? did the decendent change it?As executor can I ask for the debts of the estate and win or are these procedes off limits____
What debts and why would you want them?Posted: Wed Apr 02, 2008 03:49 pm Post Subject:
Good points Lori.
In my opinion, this particular quote has "trouble" written all over it.
I am the executor and I was an original ben., although I am not currently listed as ben.
To me, this means that you will be administering the estate and someone else will be reaping the rewards. This usually results in conflict between family members.
There are other assests in this estate which currently I am being forced to use to settle the estate.
Are you having to sell property/things of value in order to meet the 90-day estate tax requirement? Are you having to sell things in order to pay the final bills? What needs to be "settled?" Was this a big estate?
these assets are also my inheritance, so of course I would like to keep them.
Now were right back to the beneficiary (or lack thereof) issue. What will the named beneficiary(ies) say about you getting to keep certain assets?
Lori already asked the question about you keeping the debts so I won't rekindle that one.
Posted: Thu Apr 03, 2008 09:30 am Post Subject:
yeah Mark I agree...seeing trouble here..... :? hopefully the OP will return with additional information, thus reaping (your) experience and good advise...
Posted: Mon Apr 07, 2008 11:38 am Post Subject:
Hmmmmm, Original Poster has a convoluted first post and second post is equally unclear.
Let's clear up some "contractual" things first.
Life insurance proceeds are paid DIRECTLY to the named beneficiaries of the contract.
Period.
End of Story.
There is no such thing as a life insurance policy getting turned over to the state. The ONLY way the proceeds would enter Probate Court would be if "The Estate" was listed as the beneficiary or ALL primary and contingent beneficiaries had predeceased the Insured. Only then would it become part of the Probate Estate.
Being an "Executor" under someone's Last Will & Testament and being a beneficiary under someone's life insurance policy have nothing to do with each other.
A person's Last Will DOES NOT control life insurance proceeds, annuity contracts or property held in Joint Tenancy, etc.
Executors of a person's Estate are entitled to compensation.
This thread is an example of fragmented Estate Planning and lack of knowledge on the part of the General Public regarding what happens when a person dies.
Of course that's just human nature. No one likes to talk about death in general and especially their's in particular.
Posted: Tue Apr 08, 2008 02:11 am Post Subject: insurance
Now...............confused on something. I'm in the Military. I ahve a Life Insurance policy through them. In my 'Military' will, I have my POA in CONTROL of my Life Insurance(who gets what..according to the Life Insurance.) The comment above is, "a person's last will does not control life insurance proceeds." If this is true, than what do I need to do to 'fix' it? If anything?
Posted: Tue Apr 08, 2008 11:42 am Post Subject:
sdchargersfan,
Whomever you named as beneficiary on your life insurance gets the life insurance death benefit. This may or may not be the same person(s) you've named as beneficiary in your will.
Whomever you named as beneficiary on your will gets titled property (house, car, bank account, stocks, bonds, mutual funds etc.) that you owned individually upon your death.
Your attorney-in-fact under your Power-of-Attorney takes care of your financial dealings if you are unable or away and while you are ALIVE. Upon death the POA is revoked by operation of law and property you owned individually then goes through Probate Court before is passes to your beneficaries under your Will.
There may or may not be things that need to be fixed. It depends on what you own and how it's owned.
Posted: Tue Apr 08, 2008 03:45 pm Post Subject:
Life insurance proceeds are paid DIRECTLY to the named beneficiaries of the contract.
Period.
End of Story.
Hate to have to correct you there Gary, but there are rare occurances, (i know from personal experience, perhaps just my area)....
In the case where a life policy is thru an employer, and the employee dies, with an ''ex'' spouse listed as the beneficiary AND had remarried...it is ASSUMED that they simply forgot to change it to their present spouse....If an employee wants to maintain the 'ex' as beneficiary they have to fill out an additional form that (in effect) says, 'yep I know I have my ex as beneficary and that's what I want'....this however is the ONLY cases where I have seen this....
Add your comment