My mom passed away and

Posted: Sat Nov 08, 2008 03:03 am Post Subject:

Hey Marsha,
Okay; your mom had a life insurance policy which named your father as the beneficiary and both have deceased. Please accept my sincere condolences. After that, I'm afraid you lost me.

Are you asking if you are entitled to any of the death benefit?

If that is your question and you are an only child, I would say, maybe. Otherwise it will probably be left to your parent's estate and distributed therefrom. There are several factors, including the state in which you live that come into play here.

Posted: Sat Nov 08, 2008 04:53 am Post Subject: Life insurance

The life insurance policy is in my mother name my dad is the beneficiary listed on the policy. I have a older sister same mom n dad, then a step brother different mom n same dad. Both parents is deceased Is he entitled to any of the life insurance since its in my mom name.

Posted: Sat Nov 08, 2008 05:38 am Post Subject:

If you're the only child you may receive the benefits of the policy. However, the policy may enter the probate court and may the executor of the estate may decide whom the benefits should be dispersed.

Since the bother hasn't the same mother the executor may not include him for receiving the benefits, but the proceeding of the policy might get distributed between you and your sister.

Posted: Sat Nov 08, 2008 11:08 am Post Subject:

Marsha,

If the named primary beneficiary (your Dad) on your Mother's life insurance policy predeceased her and if there wasn't any contingent beneficiary named on the contract the life insurance proceeds will be paid to "The Estate of Mom."

That requires a probate court action to be commenced and then the life insurance proceeds will be treated just like any other probate asset. (Florida)

Now those proceeds will be distributed pursuant to your Mom's Last Will & Testament, if any. If she didn't have a will then according to state law.

The "Executor" or "Personal Representative" of the estate DOES NOT decide who gets what. If there is a will, the will controls disposition, if not, no will, then state law controls the disposition.

This is the worst way for life insurance proceeds to pass because now those death benefits are no longer an EXEMPT asset from creditor claims, probate attorney fees, court costs and all other estate expenses.

Unfortunately your situation is quite common.

It is beyond belief how many Life Insurance Policies, IRAs, Annuities, 401Ks, etc.... DO NOT have a contingent beneficiary named causing a normally exempt and non-probate asset to be tied up in probate court needlessly.

Below is the Florida Law regarding this issue.

222.13 Life insurance policies; disposition of proceeds.--

(1) Whenever any person residing in the state shall die leaving insurance on his or her life, the said insurance shall inure exclusively to the benefit of the person for whose use and benefit such insurance is designated in the policy, and the proceeds thereof shall be exempt from the claims of creditors of the insured unless the insurance policy or a valid assignment thereof provides otherwise. Notwithstanding the foregoing, whenever the insurance, by designation or otherwise, is payable to the insured or to the insured's estate or to his or her executors, administrators, or assigns, the insurance proceeds shall become a part of the insured's estate for all purposes and shall be administered by the personal representative of the estate of the insured in accordance with the probate laws of the state in like manner as other assets of the insured's estate.

Posted: Sat Nov 08, 2008 01:20 pm Post Subject:

These posts give so many reasons why everyone should have a will. I am ashamed of the fact that I do not. My hubby and I are going to look into how to do this. We were just discussing it the other day. Glad I ran across this post.
Gary, is an atty the only way to draw up a will and make it legal. What other options are there. I probally should have started a new post on this!

Posted: Sat Nov 08, 2008 04:56 pm Post Subject:

Gary, that post made the hair on the back of my neck stand straight up.
You'll never cease to impress me.
Mark

Posted: Sat Nov 08, 2008 05:47 pm Post Subject:

He is really good at what he does.

Posted: Sun Nov 23, 2008 05:52 pm Post Subject: passing of my dad

My dad passed away and he has a insurance policy but i do not no what insurance componey help me

Posted: Mon Nov 24, 2008 03:22 am Post Subject:

Hi Tara, Sorry to hear of your loss. Is your mom still living and can you ask her or any other family members? If not try going through some mail or his checkbook registere to see where he may have made any payments. Doea your Dad have a will or anything that maybe will let you know if there was a policy?

Posted: Mon Nov 24, 2008 05:49 am Post Subject:

Good advises Firey :D tara, please follow what firey has said. You can also try the following as well. I'm sure that someone or the other will work.

• Your fathers auto/home insurer. He might have bought the policy from the same company.
  
  
• Ask his financial advisor or lawyer, if you know him/her.
  
  
• Check with his present and previous employer.
  
  
• Try to go through his past two years income tax files.
  
  
• Contact the state insurance department. The National Association of Insurance Commissioner has a system called the “Life Insurance Company Location System” eich helps you finding the company that might have written the policy to your father.
  
  
• Try the MIB database. The possibilities are there that the insurer might have pulled the medical report of your father in order to write the policy.