beneficiary

[rakamo]

What is the name of your state? What is the name of your state? What is the name of your state? New york

Woman takes out insurance policy in 1982 designating Father as beneficiary. Father dies in 1988 nothing is changed on policy. Mother dies in 1998 after all Fathers assets were put in her name, except Ins Policy. All estates are taken care of by 3 surviving children, one of them being this woman.
Woman marries in 1992 adopts child in 1997. Woman dies in 2002.
The insurance policy taken out in 1982 with no beneficiary ever changed is the question. Does it go to the Husband?
Does it go to the 2 surviving kids as the original estate of the Father.
When both Mother & Father passed everything was divided equally amongst the 3 children ? This policy was forgotten
& did not surface until a few weeks ago, 10 months after Woman died. No Wills or Real Estate were involved in all 3 people.

 

[vinjoeana3]

If I am understanding this correctly, the father (primary beneficiary) died before the insured. If that is the case where a primary beneficiary predeceases the insured, the secondary or contingent beneficiary gets the death proceeds. If no secondary beneficiary designation was made then the proceeds are payable to the estate of the insured. In this case, the proceeds would be paid to the woman's estate unless she selected a secondary beneficiary.

 

[rakamo]

3 children
youngest gets a job & buys an insurance naming father beneficiary in 1982

Father dies in 1988 nothing is done about changing policy.
No will no real assets, children and mother handle everything.

Mother dies in 1998. Any small stocks and bank accounts are setteled between 3 children. No executor, just handled between the 3 amicably.

The youngest dies in 2002 & after 10 months this Ins Policy is discovered.
The husband [of 4 yrs] of the deceased claims it is his.
The 2 surviving children , (who are now in their 50's) claim it belongs to the original Father's property & is therefore theirs.

This happened in N.Y city.