The actual claim paymet would go the the estate of the deceased and distributed according to his/her will.
No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.
A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.
If you are the insured and your beneficiary died, and you had a secondary beneficiary then the money would go to the secondary. If you had split beneficiaries, then her cut would get funneled to the other beneficiaries. If you didn't have split beneficiaries or secondary beneficiary, the money should go to your estate where your creditors would get first pickings. Therefore, I would get myself to the insurance company (phone, website, broker) and update that policy ASAP.
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
NO. The beneficiary is only entitled to the death benefit proceeds when the insured dies. The owner of the life insurance policy controls the policy, the beneficiaries, any cash values, and is responsible for premium payments. The owner has the ultimate control of the life insurance policy and can change the beneficiary of the policy at any time...and does not need the beneficiary's permission to do this. LifeInsuranceAdvisors.com
The policy will be paid to the decedent's estate if there are no named beneficiaries or if the ones named have predeceased. the legal spouse or next of kin
== == It's all a function of who's listed as the beneficiary. If someone doesn't agree and brings a lawsuit about it - The Insurance Company will probably just ask the court to decide - It would be wise to plan ahead and set up trusts, change beneficiaries, whatever so that the insured's desires are met.
Many people who divorce do have a clause in the decree regarding insurance beneficiaries. If the decree is written this way and/or the policy includes her as a beneficiary, then she certainly has rights.
The residuary beneficiaries of an estate are entitled to receive the balance of an estate after assets are distributed and all obligations are paid. For example, if a will specifies that one primary beneficiary is due $5,000,000 from the corps of an estate, the residuary beneficiary will receive the remaining balance after attorney fees, estate taxes, and other charges are withdrawn.
If the wife is not named as a beneficiary then she would have no claim on the policy proceeds.
The policy is paid to the beneficiary. It should be placed in trust for the child if the child is a minor. If the child is an adult, the proceeds will be sent to the named beneficiary.
Life insurance is a complex issue in community property states. Even if your husband has named beneficiaries, you may be entitled to an interest in the proceeds. See the link provided below for a very informative publication that you can read in its entirety. There is a section regarding beneficiaries other than the spouse.