laurie0662
Junior Member
What is the name of your state (only U.S. law)? Illinois
My brother in law passed away last month, his brother is the executor of his estate. His last will was changed in February of this year. He was never married and has no children. The brother has started the process of probate in the courts. The question/problem is that the BIL had a pension, 401K, term life insurance as well as Real Estate. The BIL thought that his current will would over ride older beneficiary documents. We understand that it does not. Having said that the 401K has already been disbursed to the beneficiaries. But the term life insurance had his parents as beneficiaries, they had predeceased him in death. No one will release information or copies of the beneficiary designations that were signed back in 1969. The insurance company sent the brother a form titled "Beneficiary's Affidavit" this form asks for the names of any and all spouses, children, parents and siblings still living of the deceased, as well as the executor of the estate. The insurance company has now sent the brother a letter stating that his money has been placed into a checking account that the brother has immediate access to. We were under the impression that since the parents predeceased the insured, that the monies would go to the estate and be disbursed by the intentions of the will. If these accounts are already being disbursed, then how is the estate supposed to pay for the bills that are pending? Now that the other beneficiary has received their money, there would be no way to get any of it back. They do not manage money well, and has probably spent all of it before the ink was dried on the check. What is wrong with this picture and how can we correct it? Any and all help and information would be greatly appreciated.What is the name of your state (only U.S. law)?
My brother in law passed away last month, his brother is the executor of his estate. His last will was changed in February of this year. He was never married and has no children. The brother has started the process of probate in the courts. The question/problem is that the BIL had a pension, 401K, term life insurance as well as Real Estate. The BIL thought that his current will would over ride older beneficiary documents. We understand that it does not. Having said that the 401K has already been disbursed to the beneficiaries. But the term life insurance had his parents as beneficiaries, they had predeceased him in death. No one will release information or copies of the beneficiary designations that were signed back in 1969. The insurance company sent the brother a form titled "Beneficiary's Affidavit" this form asks for the names of any and all spouses, children, parents and siblings still living of the deceased, as well as the executor of the estate. The insurance company has now sent the brother a letter stating that his money has been placed into a checking account that the brother has immediate access to. We were under the impression that since the parents predeceased the insured, that the monies would go to the estate and be disbursed by the intentions of the will. If these accounts are already being disbursed, then how is the estate supposed to pay for the bills that are pending? Now that the other beneficiary has received their money, there would be no way to get any of it back. They do not manage money well, and has probably spent all of it before the ink was dried on the check. What is wrong with this picture and how can we correct it? Any and all help and information would be greatly appreciated.What is the name of your state (only U.S. law)?