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Life Insurance?

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Life Insurance?

Postby Wellington » Tue Sep 26, 2017 11:22 pm

If she did not name anybody on her life insurance, it will be passed to her estate and then distributed according to her will.

The spouse is usually a protected beneficiary on qualified plans like the 401k (even if they got divorced, there is usually a formal process to remove the former spouse as this is not done automatically).
If she had no spouse, it will be distributed the same way as her life insurance without a beneficiary designation.

If someone has legal power of attorney, they can now designate a beneficiary as long as they are not self-dealing.
That means if you are her POA, you cannot make yourself the beneficiary.
If this sounds complicated, you should probably seek the advice an attorney who will also help with the probate process
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Life Insurance?

Postby Elisha » Wed Sep 27, 2017 8:45 am

Well, it would go to her estate - which means, to pay off all her debts, before it went to a probate judge, who would distribute it according to your state law.

Howver, you can't BUY a life insurance policy without designating a beneficiary.
So she DID name someone to collect it.

And the 401K, in most states, automatically goes to the spouse, if there is one.
If there's no spouse, then it usually gets divided up among the surviving children.
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Life Insurance?

Postby Body » Wed Sep 27, 2017 11:09 am

it would go to her estate and through probate process, and then paid out according to any will in place, or paid out as determined by probate process.
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Life Insurance?

Postby Mungo » Wed Sep 27, 2017 6:00 pm

She had to name someone as beneficiary and chances are that her life insurance may seize after her employment has ended. Something to check out. many employers only provide life insurance for as long as the employee works there.
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Life Insurance?

Postby Aindreas » Wed Sep 27, 2017 11:50 pm

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RE :Life insurance?

if my mom didnt name anyone as a beneificiary to collect her life insurance she got from working at kaiser and her 401 k plan, who does it go to? shes about on her last breath.

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Life Insurance?

Postby Crosby » Wed Oct 04, 2017 7:28 am

The default beneficiary is her estate.

Even if she had named someone, if they predeceased her, and there was no one else named as a contingent beneificiary, then it will go to her estate.
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