by bjamm1972 » Tue Jun 23, 2009 08:58 pm
let's say that the owner of the life insurance polies dies. the beneficiary that was named on the policy had been deceased for a year. so, there is no named beneficiary on the policy. do the life insurance benefits go directly to the surviving spouse of the policy owner?(she was not named as beneficiary)Or do the benefits go to the only surviving minor child of the policy owner? Is there a set protocol for this? Could this be challenged in court? Could the monies go into an estate to be divided between spouse and child? The surviving spouse is not the mother of the minor child. Happening in Illinois.
Posted: Wed Jun 24, 2009 04:56 am Post Subject:
First of, I'm assuming that you mean that the "insured" died, who could have easily been the policyowner. As the owner is commonly different from the insured, I just wanted to make sure this was right.
In the event there are no surviving beneficiaries, the proceeds of the insurance policy will be paid to the estate of the insured and subject to estate transfer law in that state. That's it, nothing else. The testacy/intestacy laws of the state rule.
InsTeacher 8)
Posted: Wed Jun 24, 2009 11:42 am Post Subject:
Hi bjamm,
Could the monies go into an estate to be divided between spouse and child?
I guess under such circumstances the insured's estate would be the beneficiary. This indicates a probation of the death benefits and distribution of the benefits are subject to the last will of the decedent.
In the absence of such a will, the order of legitimate beneficiaries would be decided by the State laws.
Are you aware of any such will?
Steven
Posted: Wed Jun 24, 2009 02:36 pm Post Subject:
The money will go into the estate. How the estate is split up will be depending on the will, if there is one, and other state laws and regulations. It will go through probate, as there is not a beneficiary for it to pass straight to.
This is an excellent example of how important it is to have contingent beneficiaries and to make arrangements to avoid such a situation.
Posted: Thu Jun 25, 2009 09:42 am Post Subject:
I was just wondering...can the child make a claim against the estate of his father when he has remarried?
What recourse does the child have to make a rightful claim against his father's property?
In absence of will would he be considered as an heir?
Posted: Thu Jun 25, 2009 11:50 am Post Subject: insurance
such circumstances the insured's estate would be the beneficiary
How can a piece of property be the Beneficiary? You can't really 'give' the money to an estate..can you?Add your comment