Life insurance proceeds?

[Ph128]

What is the name of your state? Indiana

This involves a childless couple.
The wife dies and six months later the husband dies.
The husband has his wife named as beneficiary on his life insurance policies and never had it changed.
What happens to the money?

 

[BlondiePB]

What is the name of your state? Indiana

This involves a childless couple.
The wife dies and six months later the husband dies.
The husband has his wife named as beneficiary on his life insurance policies and never had it changed.
What happens to the money?

If there's no contingent beneficiary, the money goes to the estate.

 

[Ph128]

Who's estate? Her's or her husbands?
If her estate passed to her husband after her death, would the proceeds from his life insurance policy/s after his death, later on, go to his own estate because of her estate passing to him earlier?

I

 

[Dandy Don]

You need to be asking the insurance company what their rules about this are. Sometimes the rules of the insurance company are outside of state law.

With a matter of this importance, you really need to be consulting with a local attorney since there is probably NOT an Indiana probate attorney reading this message board.

Some states allow decedents estate to have assets put in and other states do not.

If the money does go into the wife's estate, then, yes by law her next of kin will inherit IF SHE LEFT NO WILL (you didn't mention whether either party left a will), first to her children, and then to her brothers and sisters if there are no children.

 

[BelizeBreeze]

Blondie is correct....albeit, the monies go to the husband's estate.

 

[Ph128]

Well That's what I thought would happen but was told that since his wife was dead, it would not go into his estate but go to his next of kin rather than put in his estate and distributed according to his will!

So if in the future, if someone else left her money, that would go to her dead husband's estate as well, huh?

 

[BlondiePB]

What is this...a homework assignment?

So if in the future, if someone else left her money, that would go to her dead husband's estate as well, huh?

It depends.

 

[Ph128]

What is this...a homework assignment?


It depends.

The wife and husband had a will that gave the other all possessions if one preceded the other in death.
There are a few old relatives, still living, who may have named her in their wills.
Just wondering if any future inheritance that may come her way will be fowarded to husband's estate, even though he is dead now, rather than be divided by her siblings.