Insurance company was correct. Without a contingent beneficiary the funds go to the estate and is ruled by either the will, or in case of no will, intestate succession.Will had residuary estate going to person named as secondary personal representative (PR). Primary is deceased. PR said in the case of Life insurance, it went to surviving sibling when all benefactors are deceased. PR discouraged sibling filing and refused death certs. Ins Co knew sibling was in process of submitting paper but paid out 2 days before sibling filing. Entire sum went to PR. Ins would not disclose amount due to privacy issues and amount(?). Ins would not provide explanation other than they worked it out with the PR.
So the sibling rule is not real in CO when beneficiaries are deceased?Yep - if primary bene deceased & no contingent bene named, life ins. proceeds will "become part of deceased insured's will"/estate & end up in probate court. You indicate deceased insured did have a will.
edited to add - If the will indicates that life ins. proceeds are to go to surviving sibling if the life ins. bene is not living, then the PR should take this in consideration when administering/distributing the estate.
Would the funds go into the insured's estate or the beneficiary's estate - assuming they are both deceased and that no other beneficiaries are listed on the policy?Insurance company was correct. Without a contingent beneficiary the funds go to the estate and is ruled by either the will, or in case of no will, intestate succession.
What they wanted isn't what they did. This is the problem when people don't update their legal documents. Legal documents will outweigh verbal wishes. The exec didn't cut other family out. The person who didn't update their life insurance cut other family out. Not what people want to hear, though...So the sibling rule is not real in CO when beneficiaries are deceased?
Does the sibling have any recourse in probate and is there a time limit. As with some cases, the deceased would have wanted a slightly different outcome but never updated the old will. Exec cut out all other family. Decease expressed he want some to have a few personal effects but distribution did not occur before untimely death. Sibling was interested in a "good faith" distriibution of at least the life insurance and a handfull of personal effects.
I'm confused. In the original post you put "CO" which I thought meant Colorado. Now you're asking about South Carolina. Which is it? Also, WHAT was only discovered 2 years ago?If the beneficiary dies first (7 years ago) and the person who took out the policy dies later (4 years ago), whose estate would receive the proceeds (South Carolina)? There was no other beneficiary named and both parties had wills. This was only discovered 2 years ago. Can the executor of the beneficiary's estate (one of three equal heirs named in the will) sign away the rights of the other two?
josey hijacked the OP's thread.I'm confused. In the original post you put "CO" which I thought meant Colorado. Now you're asking about South Carolina. Which is it? Also, WHAT was only discovered 2 years ago?
Ahhhhhhh, thanks!josey hijacked the OP's thread.
Start your own thread josey rather than hijacking this one. This confusion by people replying is a perfect example of what happens when somone hijacks the original poster's thread.If the beneficiary dies first (7 years ago) and the person who took out the policy dies later (4 years ago), whose estate would receive the proceeds (South Carolina)? There was no other beneficiary named and both parties had wills. This was only discovered 2 years ago. Can the executor of the beneficiary's estate (one of three equal heirs named in the will) sign away the rights of the other two?
The payout was/is to be payable to the estate of the deceased.Does payout default to surviving sibling or does it payout default to estate admin?
The residuary estate, that includes monies from the life insurance payable to the estate, goes to the designated beneficiary who is the secondary PR via the probate process.Will had residuary estate going to person named as secondary personal representative (PR).