claim against a life insurance policy?

[cathy4me]

What is the name of your state (only U.S. law)? Illinois,My cousin passed away and made me and my wife as sole aries.He was burried and the bill was paid out of his own bank account.Later a life insurance policy was found.A friend is filing a claim against the esstate for care taker fees,is the life incurance check free from any law suits or can is it part of his finances?Thanks Chad

 

[Antigone*]

What is the name of your state (only U.S. law)? Illinois,My cousin passed away and made me and my wife as sole aries.He was burried and the bill was paid out of his own bank account.Later a life insurance policy was found.A friend is filing a claim against the esstate for care taker fees,is the life incurance check free from any law suits or can is it part of his finances?Thanks Chad

Whoever is the named beneficiary of the policy is the owner of those proceeds. These proceeds are not included in the estate.

 

[justalayman]

These proceeds are not included in the estate.

ah ah ah!! (we need a finger waving smiley)

The estate could have been the named bene or there are situations where the policy cannot be paid out to the named bene and it would revert to the estate.

So, the pertinent question is:

who is the named beneficiary of the policy?

 

[Antigone*]

ah ah ah!! (we need a finger waving smiley)

The estate could have been the named bene or there are situations where the policy cannot be paid out to the named bene and it would revert to the estate.

So, the pertinent question is:

who is the named beneficiary of the policy?

You is correct, mista

 

[cathy4me]

re:life insusance

There was 2 bachlors 1&2 1 passed away leaving brother 2 his policy&everything else.The policy was not found till brother-2passed away 4months after brother1passed.Brother 2 left everything to my wife and I,stating everything previously left to him would pass to us upon his passing.I hope this make's it clearer.Thank you for your time.Chad

 

[anteater]

I hope this make's it clearer.

Not really.

So, let's try to lay it out and you indicate whether this is right or not:

1) There was an insurance policy where Brother 1 was the insured and Brother 2 was the beneficiary.

2) Brother 1 passed away. Brother 2 either was not aware of the policy or did not make a claim with the life insurance company before Brother 2 passed away - 4 months after Brother 1.

3) Brother 2 has a will that names you and your wife as the beneficiaries of his estate.

Unless there was some clause in the insurance contract that Brother 2 had to survive Brother 1 for a certain period of time in order to receive the policy's proceeds, the administrator of Brother 2's estate should make the claim with the insurance company and the proceeds should be payable to Brother 2's estate where they will be subject to claims made by Brother 2's creditors.

 

[cathy4me]

re life insurance policy,

Thank you for the help ,Chad.