Posted: Thu Jul 17, 2008 1:37 am Post subject: looking for life insurance policy for recently deceased
My grandmother past away today and no one knows if she had any wills or if she had any life insurance policies. Can you please help or point me in the right direction on this issue how do we find out.
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Regarding life insurance:
Even if Grandma had an old paid up policy the company would still send an annual statement.
If no statements from any life insurance companies show up within one year after the date of death then it's a safe bet there wasn't any life insurance in-force.
On the other hand, if within a year from the date of death a statement shows up then you will know exactly who the company is to file the claim.
Regarding a will:
A Last Will & Testament ONLY applies to real property, stocks, bonds, mutual funds, bank accounts, etc... that an INDIVIDUAL person was the sole owner of at the time of his/her death.
If Grandma DID NOT own anything as an Individual Sole Owner at the time of her death then whether she had a will or not is a moot point. The adult children heirs of elderly couples often get caught in the Probate Court System when the 2nd spouse dies.
Please forgive me for now getting on my soap box but probate practice attorneys commit fraud by omission by not explaining to their clients the ridiculous redundancy of wills between most married couples AND the fact the attorney just made him/herself a 3% minimum beneficiary (Florida) under your will the day you signed the document.
See Florida Statute 733.6171(3)
Compensation of attorney for the personal representative:
Quote:
(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during the administration as provided in the following schedule:
(a) One thousand five hundred dollars for estates having a value of $40,000 or less.
(b) An additional $750 for estates having a value of more than $40,000 and not exceeding $70,000.
(c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000.
(d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.
(e) At the rate of 2.5 percent for all above $1 million and not exceeding $3 million.
(f) At the rate of 2 percent for all above $3 million and not exceeding $5 million.
(g) At the rate of 1.5 percent for all above $5 million and not exceeding $10 million.
(h) At the rate of 1 percent for all above $10 million.
_________________ Gary Spicuzza, *SAFE
Copyright 1956.
No rights reserved.
*Self Appointed Financial Expert
