by bjamm1972 » Thu Jul 16, 2009 07:57 pm
When someone dies and and has a life insurance policy,but unfortunatly there is no named beneficiary, where does the money go? Or who does the money go to? Would the surviving spouse get it, would the sole surviving only child get it, who is a minor(child does not belong to surviving spouse)Or would the money go into something to be divided between the 2? This is happening in Illinois. Any response is greatly appreciated, sooner the better. Thank You
Posted: Fri Jul 24, 2009 02:08 am Post Subject:
Makes a good case to make sure you assign someone to be the executor of your estate, just in case your beneficiary passes before you and you fail to update due to incapacity, and make sure you have a will in place to make sure the money goes where you want it to. At least that's what I think.
Posted: Fri Jul 24, 2009 03:47 am Post Subject:
I have known cases where there are no beneficiaries and distant relatives can claim and win the benefits
DV360- you said that you've known cases in which this has occurred. Show me one. Find me the case study. If you can show me, I will absolutely shut up. I have never once seen in my entire career a situation where there are no named beneficiaries and the proceeds went to OTHER than the estate of the insured. In every state that I know (that's a lot and I'm not gonna check the ones I don't know about), statutes require this. It's not a choice. I cannot comment on other countries because I have no idea. So, find me a state or a case where this has occurred. You're never to old to learn something, and I ain't that old.
We need Spicuzza in on this...where the heck is he? :?
InsTeacher 8)
Posted: Fri Jul 24, 2009 10:45 am Post Subject:
DV360, are they claiming the insurance benefits or are they making a claim for the money in the estate after the insurance was paid to the estate?
Posted: Fri Jul 24, 2009 07:28 pm Post Subject:
It goes to the estate. It is like passing without a will and being intestate. The courts and lawyers will decide, but I think any blood relative will have a claim and have to relinquish it for it to go to spouse and/or children.
Posted: Sat Jul 25, 2009 04:32 am Post Subject:
I think that in community property states if the individual dies intestate, the estate goes to the spouse after meeting the debts of the deceased.
However, if there is no named beneficiary but the will suggests who the money should go, would the money then go to that person?
Posted: Tue Jul 28, 2009 08:25 am Post Subject:
There is usually a line of successors, spouse, children, parents or siblings.
i totally agree to this!
Posted: Tue Jul 28, 2009 09:45 am Post Subject: Life Insurance
I'll tell ya,...I've had my 'debates' with some of the Insurance Experts, on this forum, on how to PROPERLY set up your Life Insurance policies. It's scary to thin, if you DO set it wrong incorrectly, that you money be go somewhere else and not where you intend for it to go. Scary thought,..if you're trying to 'provide' for family, etc.
Posted: Tue Aug 11, 2009 12:02 am Post Subject:
A living trust solves all of those problems.
Posted: Tue Aug 11, 2009 09:38 am Post Subject: insurance
Also.....I've had 'Clients', who din't get along with their families, what so ever. So,..what THEY did was give the money to charities, etc.
Posted: Sat Aug 15, 2009 01:50 pm Post Subject: Life Insurance
My father died this week and he was somewhat secretive about his personal business. Is ther a way to find out if he had any life insurance that we may not be aware of?
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