0
Who gets money when a contingent trust that was never created is only named beneficiary of life insurance policy?
Wiki User
∙ 18y ago
it will go to probate and the courts will have a long list of things for you to do before any money is awarded.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
What is a beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
Does life insurance become part of the estate?
The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.
What does a beneficiary do?
Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.
Is life insurance consideredpart of the estate?
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
Am i the beneficiary of my husband's life insurance?
If he put you in as the beneficiary, then Yes. Look at the policy and find where it says beneficiary to make sure.
When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
What happens if the beneficiary of a life insurance policy is deceased?
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.
If the beneficiary of a life insurance died before the policy holder do you need a copy of the beneficiary death certificate?
Yes. If there is a contingent beneficiary, the insurance company will need proof that the primary predeceased the principal in order to pay the contingent beneficiary. If there was no contingent beneficiary named the insurance company will pay the proceeds to the principal's estate.
If you are not listed as a beneficiary on your fathers life insurance policy are you entitled to anything?
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
What is a contingeny beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
What is a beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
Is wife heir of a life insurance when the beneficiary and the insured dies?
If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment. Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts. If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country. You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.
Can you name someone older than you as your beneficiary on your life insurance policy?
Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.
What if the beneficiary of a life insurance is deceased?
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
What happens if there is no contingent beneficiary for a life insurance policy in Oregon?
In most cases the proceeds will be paid into the estate.
Can a life insurance policy have more than 1 beneficiary?
Yes, you can have multiple primary beneficiaries, and contingent beneficiaries.
Is a general power of attorney allowed to add self as contingent benefactor on life insurance policy?
It is the person you are naming that has the power of attorney that can be the contingent beneficiary. You would be better to create a trust and make the trust the beneficiary
