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Posted: 1/11/2022 10:53:14 PM EDT
[#1]
If there are no listed or living beneficiaries at the time of the policyholder's death, then the proceeds will be payable to the estate of the deceased.
After that you will need to refer to the will or if there is no will then you will have to look at the Virginia intestacy laws. PM me if I can be of any help. Been doing this for years. |
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Posted: 1/12/2022 11:26:08 AM EDT
[#2]
IM sent.
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Posted: 1/17/2022 5:52:20 PM EDT
[#3]
Quote HistoryQuoted: If there are no listed or living beneficiaries at the time of the policyholder's death, then the proceeds will be payable to the estate of the deceased. After that you will need to refer to the will or if there is no will then you will have to look at the Virginia intestacy laws. PM me if I can be of any help. Been doing this for years. I would agree, it becomes assets that are a part of the estate that (unfortunately) have not been distributed pre-testamentarily. It is then distributed according to the estate rules, which is another discussion for another day, and will primarily depend on whether there is a valid will or not. |
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Posted: 1/17/2022 5:53:35 PM EDT
[#4]
Also, does the policy itself list what will be done? It's basically a contract, so that's the first place I'd look... in the terms of the contract.
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Posted: 1/17/2022 7:04:22 PM EDT
[#5]
The letter from the company listed a priority list, with the estate being last. Everything else seems to say the estate will receive priority.
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Posted: 2/6/2022 1:16:16 PM EDT
[#6]
Quote HistoryQuoted: The letter from the company listed a priority list, with the estate being last. Everything else seems to say the estate will receive priority. I would try to avoid having that go into the gross estate. You want to control it, so name a beneficary, or a trust can be the beneficiary. At death the beneficiary has all rights to the benefit which is paid directly regardless of what a will says. Also avoids probate. , keep in mind the tax advantage - death benefit not subject to income tax. |
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