Insurance. What Happens When The Benificiary Of A Lifeinsurance Policy Dies, And Then The Insured Dies?
Insurance. A Guy Just Died Who Had 3 Life Insurance Policies On Himself. The Benificiary Was His Brother Who Had Passed Away Years Before, But The Be
Insurance : What Happens When The Benificiary Of A Lifeinsurance Policy Dies And Then The Insured Dies
A guy just died who had 3 life insurance policies on himself. The benificiary was his brother who had passed away years before, but the benificiary on the policies was never changed. I was wondering what happens the money, and specifically if the wife of the deceased benificiary would be entitled to it. ~~~ Mike S ~~~
Best Answer To Insurance Question
Next in line is the contingent beneficiary if one was named. If there was no beneficiary or contingent beneficiary, the money is distributed to his estate and distributed accordingly in the order of: contract or trust, will, intestacy. It is not obvious that his wife gets it because his wife might not be named in his trust. If you have more detailed questions, talk to the executor of the estate or an attorney.
All Answers To Insurance Questions
Answer 1It depends on how the policy is written. You'll have to read each one to determine that.
Answer 2Hi, Why are you straining your brain? Its certainly his spouse entitled to get it or his legal heir as second option. Thanks
Answer 3Basic law is that without a will or other designation (such as benificiary), then the estate will pass to the closest relative first. For example, first the wife/spouse, then the children, then the parents, etc. If there is nobody that they can find, the state takes the money. However, since there is a beneficiary, presumably it would go to the brother's estate, which would then follow the same rule about closest relative if there is no will on the brother's side.
Answer 4Next in line is the contingent beneficiary if one was named. If there was no beneficiary or contingent beneficiary, the money is distributed to his estate and distributed accordingly in the order of: contract or trust, will, intestacy. It is not obvious that his wife gets it because his wife might not be named in his trust. If you have more detailed questions, talk to the executor of the estate or an attorney.
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