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 Posted: Mon Aug 25, 2008 10:55 pm Post subject: in florida.. step father in |
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in florida.. step father in law ..passed
away. he was widowed. he left a small
life insurance thru his work. been retired.
left no beneficiary on policy. who sends
death certificate. and who would be entitled by law to the small life insurance policy |
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carolyndeel
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| Posted: Mon Aug 25, 2008 11:44 pm Post subject: |
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Didn't know you could even have any life policy without a beneficary...Does he have any natural children of his own? If so they would be first in line, then his parents or siblings, would be my guess before step children...but more than likely if truely no benefiary it will all go thru probate.
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Lori
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| Posted: Tue Aug 26, 2008 4:58 am Post subject: In Florida |
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Yes you can have a life insurance policy without a beneficiary. Often times, there was a beneficary listed but as the policy was sold over the years, the name was "lost". If your mother is still alive, she would probably be the easiest to have named as a beneficiary. Since you say he was "widowed", I assume you mean that your mother is passed and thus, it would be his natural children and then there is a "line" of possible persons. You would need to probate the estate...summary administration to have a PR and a beneficiary listed. What county?
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anonymous71
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| Posted: Tue Aug 26, 2008 5:07 am Post subject: |
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Yes, it's unusual of a policy holder not to name anyone as the beneficiary for the life plan. It defies the very basic purpose of the life insurance.
Lori, I think the deceased may have had named his wife as the beneficiary, but she had passed out before him. And he hadn't changed the name of the beneficiary afterward.
However, in such cases the policy will get attached to the estate of the decedent, since he became the owner of the policy after the beneficiary had died.
Carolyn, you are required to contact the claim department of the insurance company and ask if you can initiate the claim.
Please keep us posted with the developments.
Regards,
Juanita
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Juanita
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| Posted: Tue Aug 26, 2008 5:14 am Post subject: |
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I agree with what anonymous has said...there can be a 'line' of possible beneficiaries.
The state and the county laws regarding the distribution of the deceased's estate will be the guiding factor in this case.
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| Posted: Tue Aug 26, 2008 9:54 am Post subject: |
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| Quote: | | Lori, I think the deceased may have had named his wife as the beneficiary, but she had passed out before him. And he hadn't changed the name of the beneficiary afterward. |
I'll bet you're right Jaunita, there was no secondary beneficary and after his wife passed he didn't change it..it's all part of the estate now I would think.
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Lori
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| Posted: Tue Aug 26, 2008 8:32 pm Post subject: |
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we live in putnam county fl. my mother in law preceded him in death july
2002. he died august 4 2008... my step father in law was the one who had the small life insurance policy. we dID NOT KNOW NO ONE was
a beneficiary. he has 2 children has not seen them in years and years
my husband has power of attorney on some of his stuff. my husband
and i have the death certificates. ... my husband will probably let
the policy go back to the insurance co or state. my husband
has seen to his step father for many years.
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| Posted: Tue Aug 26, 2008 8:38 pm Post subject: more guest and details about fatherinlaws lifepolicy/no bene |
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carolyn deel putting more details about step father in law life ins
policy... having no beneficiary.. was wanting some advice..
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carolyn deel
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| Posted: Wed Aug 27, 2008 12:06 am Post subject: |
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Carolyn, I would bet that his estate will have to be probated, would be a good idea to contact a probate attorney for a consulation if he hasn't seen the kids in years, could be that they cannot be found...did they come to the funeral? Do you know how to reach them?
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Lori
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| Posted: Wed Aug 27, 2008 9:45 am Post subject: |
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Hi..Perhaps Lori is right is saying that you need a probate attorney at this juncture.
Whenever a person dies without properly stating anything regarding the apportionment of his property, it becomes absolutely necessary to call for the state statutes to decide about the future of the estate property.You'd need a probate attorney who is based in the state where the decedent used to reside in.
The probate attorney is a professional who'd consume much less time at assigning assets since the assets which are mentioned in the trust are not following the probate process entirely. This in turn reduces a lot of expenses & ensures a greater security.
Regards,
ArindamSenIndies |
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ArindamSenIndies
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| Posted: Fri Aug 29, 2008 8:47 pm Post subject: |
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OK, let's keep it simple. In the absence of a beneficiary, for whatever reason, and an insured death occurs, the "ultimate" beneficiary is the estate of the insured. Nothing else, period, finuto, etc.
You cannot name a beneficiary after the death of the insured. The legatees of any will that might exist have no claim on the death benefit. Without a named beneficiary, the estate of the decedent will superceded anything else. In the absence of a will, state intestacy laws will prevail as to the distribution of assets.
As well, many are assuming that the estate will have to go through probate. That isn't always the case. If the decedent had an Inter Vivos (living) trust, assets assigned to the trust are exempt from probate. In all states, assets must exceed a certain, although minimal, amount to be subject to the probate process.
I see no mention of any trust within the thread of this post...
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InsTeacher
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| Posted: Sat Aug 30, 2008 12:49 am Post subject: |
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InsTeacher is exactly correct.
Life insurance proceeds are paid to the deceased person's Estate when there isn't a named beneficiary or if all the beneficiaries pre-deceased the insured. Those proceeds are then treated just like any other probate asset.
This is the worst disposition of life insurance benefits.
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GarySpicuzza
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| Posted: Fri Sep 05, 2008 11:57 pm Post subject: |
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| Quote: | | This is the worst disposition of life insurance benefits |
Whenever the death benefit is paid to the estate of the insured, the dollar value of the death benefit will typically increase the cost of probate, and if the estate is large enough, will also increase the estate tax liability of the deceased. Now, there's a lot more to this, and would take a 30-paragraph post to address most of the issued.
Life insurance enjoys many beneficial tax benefits that are not normally available in other financial scenarios. You need to make sure that the life insurance death benefit passes to the beneficiary OUTSIDE of the estate. Do not let the estate be the beneficiary! In just about every instance the death benefit passes to the beneficiary 100% tax-free. The exceptions to this rule are (1) if the estate is the beneficiary, and (2) if the policy has violated certain Internal Revenue Code rules (can, but rarely does happen).
I just about fall over when people tell me they have purposely named their estate as the beneficiary.
"Were you born this stupid, or did you have to work hard to get there?"
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InsTeacher
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| Posted: Wed Sep 10, 2008 4:15 pm Post subject: |
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Goes to the estate....it will be decided in probate where the death benefit will go.
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Metkevin
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| Posted: Wed Sep 10, 2008 10:53 pm Post subject: |
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| Quote: | I just about fall over when people tell me they have purposely named their estate as the beneficiary.
"Were you born this stupid, or did you have to work hard to get there?" |
InsTeacher I describe that as Apathetic Ignorance.
Apathetic means: not interested or concerned; indifferent or unresponsive.
Ignorance means: lack of knowledge, learning or information.
No clear thinking person would ever name the "Estate" as beneficary on a life insurance policy if they actually understood what they were doing.
The only "professionals" I know who routinely recommend that are probate practice attorneys.
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GarySpicuzza
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