Death without a named beneficiary

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PostPosted: Sat Aug 29, 2009 1:09 pm   Post subject:   

Wait a sec...here you go back pedaling again...

Quote:
No beneficiary designations will result in the life insurance proceeds being paid to the estate of the owner/insured
and you've throughout this thread used terms like ALWAYS, EVERY TIME, etc...noooooooowww, you throw in
Quote:
Now if you want to qualify that or make a pointless point that in some very small circumstances that's not the case.....you go ahead and hang onto your pointless point.
First of all I looked at the seven life insurance policys that are in my possession (me, husband, son, daughter, and three grandkids), they ALL have preference beneficiarys, they are all privately purchased policys. I think IE said the last two out of three had this claus..so I would in no way call that 'very small circumstances'...What the problem is Gary is that once again you have made a blanket statement (ie always, every time blah blah blah), and cannot for the life of yourself admit that you just might be wrong... Rolling Eyes or actually made a mistake...it's ok Gary we all make them...as I told my son when he was growing up...''put on your big boy pants, suck it up, admit you made a mistake, THAT is what a MAN would do'...good advise here as well...
Quote:
This whole thread is pointless and to try to hammer your pointless point home that if beneficiary designations are left blank things will maybe "sometimes" be OKAY is insurance malpractice.
Where did ANYONE say this? hmmmmm ? Where? this hasn't been said...ALL that's been said is 'if' there is a default/preference bene. claus, it will follow that claus..period..NO ONE said what you are quoting...NO ONE...ONLY YOU....There is no malpractice, anywhere with the possible exception of your know it all attitude, contrary to proof that you don't! Your statement that policys without a named beneficiary, with a preference claus will automatically go to the estate, is the ONLY incorrect, uninformed, erroneous, convoluted statements in this thread Gary have come from you...which of course you know and once pointed out you skirt around it 'kind of'...with little statements like the one above... Rolling Eyes sad, truely sad.


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PostPosted: Sat Aug 29, 2009 2:45 pm   Post subject:   

Quote:
No beneficiary designations will result in the life insurance proceeds being paid to the estate of the owner/insured.



It's that's simple.




You are very close to being correct. The problem is that you are missing a gigantic point. That gigantic point is that a Preference beneficiary is a beneficiary designation. Therefore, even if there isn't a named beneficiary that is alive, there is still a beneficiary designation as long as there is a preference beneficiary. The state in question will have approved this contract language making the use of a preference beneficiary legal. You have a refusal to look at a Florida contract, but look and you'll see that I'm correct.



Stop saying that it will be paid to the estate. A living owner has no estate. There is nothing uncommon about this.
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PostPosted: Sat Aug 29, 2009 2:52 pm   Post subject:   

Quote:
Now if you want to qualify that or make a pointless point that in some very small circumstances that's not the case.....you go ahead and hang onto your pointless point.



This whole thread is pointless and to try to hammer your pointless point home that if beneficiary designations are left blank things will maybe "sometimes" be OKAY is insurance malpractice.


The only point to my original post in this thread was to point out that I made a mistake. It was a mistake when I said that policies don't usually have a preference beneficiary. The reality is that they usually do.



Nobody has claimed that it's ok to leave a beneficiary designation blank. We are all in agreement that this is a very dangerous thing.



This has morphed into 6 pages because you have claimed that preference beneficiaries can never be used in the state of Florida. It doesn't matter if this is the case often or just on rare occasions. Either way, it shows that your assertion that the benefit will always be paid to the estate is wrong.
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PostPosted: Sun Sep 06, 2009 12:27 pm   Post subject:   

Well, I'm laughing out loud....still.



It doesn't matter how many times both of you type and post your non-sense.



NO BENEFICIARY DESIGNATIONS WILL RESULT IN THE PROCEEDS BEING TIED UP IN PROBATE COURT.



THAT my anonymouse friends is what "happens."



Your "opinions" notwithstanding the facts.



Quote:
Expert: Scott R. Graves - 6/19/2007



Question

What happens when a Life Insurance Policy has No beneficiary? I know it goes "to the estate"...but what does it all mean?



Answer

Generally, when a life insurance policy does not have a beneficiary, then the named beneficiary has proceeded the insured in death. None of the insurance companies will issue a policy without, at least, a beneficiary. Many policies have 'Contingent Beneficiaries', meaning, a named person that will receive the proceeds of the policy in case the 'Primary Beneficiary' has died. If neither beneficiary is living, then, yes, the proceeds do go 'into the estate'.



What this means is that the funds become an asset, just as all the other property of the deceased are assets. The assets then are reviewed and dispersed to the creditors of the deceased at Probate. Probate means that the court will have hearings. At these hearings, the judge will choose an executor of the estate (usually a family member or family attorney) if there is no will stating who the deceased wants to be the executor. The executor will be the representative that is responsible for carrying out the orders of the court. This person is responsible for managing the assets of the estate and makes sure all the bills, left by the deceased, get paid. The judge will hear from all the creditors and order the executor to disperse funds to pay debts left by the deceased owner and creditee. If there is not sufficient liquid funds (cash) available to satisfy the creditors, then the judge will order the executor to sell assets to create cash to pay the bills. The executor, the attorney, and the court also have to be paid from these assets. Once the creditor part of the estate has been settled, and there are any assets left, then (once again if there is no will) it is the judges responsibility to choose someone to receive these remaining assets. Now, if there are minor children, the judge will also choose a Guardian to finish raising the children. Depending on the size of the estate, this could take a few months or it could take a couple of years.



I hope this will answer your question, and thank you for using Allexperts.com.


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PostPosted: Sun Sep 06, 2009 5:01 pm   Post subject:   

Gary, since all caps bolded letters aren't working, maybe you should try a bigger font.



The only way for you to be correct is if preference beneficiaries were illegal in the state of Florida. You have already been proven wrong. All that you need to do is to look at the contracts that the state has approved. Of course, you won't do this since you aren't capable of seeing anything that disagrees with you.

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PostPosted: Sun Sep 06, 2009 8:11 pm   Post subject:   

Quote:
Gary, since all caps bolded letters aren't working, maybe you should try a bigger font.
oh my gosh! what a GREAT idea


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PostPosted: Wed Sep 16, 2009 12:12 pm   Post subject:   

I.E. wrote:

Quote:
The only way for you to be correct is if preference beneficiaries were illegal in the state of Florida. You have already been proven wrong. All that you need to do is to look at the contracts that the state has approved. Of course, you won't do this since you aren't capable of seeing anything that disagrees with you.


LOL



Thank you I.E.



Below is ACTUAL contract language from Florida.



Please explain to the General Public who may read this thread that reside in the great state of Florida just EXACTLY who the insurance company pays the money to when there are no beneficiaries listed on the contract or all the named beneficaries have pre-deceased the contract owner.



Please provide actual contract language from any contract in Florida that says something to the contrary.





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PostPosted: Wed Sep 16, 2009 12:45 pm   Post subject:   

WOW Gary, it sure took you an awful long time to dig that one up...and that's all you come up with huh?



No where in this thread does it say that EVERY life policy has a default beneficary claus. You have referenced an annuity to boot...Gary, we've repeated said, that 'if' the life ins policy has a preference or default claus THEN it follows that sequence, if not then it would go to the estate. The problem with you is you cannot admit that there are policys in Florida with these claus'. (or that you're wrong about ANYTHING)...You don't sell any life policys huh? Only annuitys?



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PostPosted: Wed Feb 17, 2010 5:47 pm   Post subject: Home For Sale  

My father passed away my brother and I are beneficiaries @ 50% each on his will no contingent beneficiaries named. DadÂ’s house is up for sale, the title was recorded under my brother and I. My brother passed before closing took place. Is the house mine 100%?


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PostPosted: Thu Feb 18, 2010 1:09 pm   Post subject:   

Doubt it...check with an atty, but brothers half may be going to 'his' estate. (sorry by the way on the lose of you Dad and Brother)



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PostPosted: Thu Feb 18, 2010 3:17 pm   Post subject:   

Does your brother have a family (heirs)? A Will? As Lori has pointed out there's a good chance it goes to his estate, this may or may not mean you'll end up with the other half.

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PostPosted: Sun Feb 09, 2020 1:27 pm   Post subject: business loan up to $ 5 million  

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