Estate and Life Insurance

[CaptC]

What is the name of your state?What is the name of your state?What is the name of your state? Kentucky

A double homicide of a set of parents (A [male] and B [female]) left siblings 1 and 2 beneficiaries to their life insurance. Sibling 2 allegedly murdered and robbed their parents.

Parent A listed Parent B as his only beneficiary.
Q. Who will be able to collect on this policy? Will Sibling 1 be able to collect their portion of the policy with the remaining portion (Sibling 2’s portion) going to the parents estate, or will Sibling 2’s portion go to the heirs if 2 is found guilty of this crime? or would the entire amount go to the estate?

Parent B listed Parent A as her first beneficiary and Siblings 1 and 2 (50/50) as the second beneficiaries.
Q. Will Sibling 1 be able to collect their portion of this policy or does it go to the estate of the parents? What happens to Sibling 2’s portion? Will Sibling 2’s portion go to the estate if they are found guilty or will it go to the heirs of Sibling 2 if found guilty?

Q . Should I post this in the Insurance Forum also? Did not want to double post?

Thanks

 

[BelizeBreeze]

What is the name of your state?What is the name of your state?What is the name of your state? Kentucky

A double homicide of a set of parents (A [male] and B [female]) left siblings 1 and 2 beneficiaries to their life insurance. Sibling 2 allegedly murdered and robbed their parents.

Parent A listed Parent B as his only beneficiary.
Q. Who will be able to collect on this policy? Will Sibling 1 be able to collect their portion of the policy with the remaining portion (Sibling 2’s portion) going to the parents estate, or will Sibling 2’s portion go to the heirs if 2 is found guilty of this crime? or would the entire amount go to the estate?

Parent B listed Parent A as her first beneficiary and Siblings 1 and 2 (50/50) as the second beneficiaries.
Q. Will Sibling 1 be able to collect their portion of this policy or does it go to the estate of the parents? What happens to Sibling 2’s portion? Will Sibling 2’s portion go to the estate if they are found guilty or will it go to the heirs of Sibling 2 if found guilty?

Q . Should I post this in the Insurance Forum also? Did not want to double post?

Thanks

You should post this in the "Please do my homework assignment for me" forum.

 

[Dandy Don]

Have you discussed this with the insurance company? If the insurance company is aware of the facts surrounding this murder, then they have their own company policy about who will be paid and who will not be paid, and you should be discussing this with them, and also discussing with a Kentucky probate or criminal attorney whether Kentucky has a law that prohibits convicted murderers from financially benefiting from crimes they have been found guilty of.

DANDY DON IN OKLAHOMA ([email protected])

 

[CaptC]

Thanks for your help Belize Breeze, (sarcasm intended) but this is not a homework assignment, it is the screwed up situation I get to call MY LIFE.


Thank you Dandy Don
I discussed this with the insurance company and they wrote me (Sibling 1) a check that is payable to “Sibling 1, Administrator of A & B Estate”. Even though the insurance company wrote the check to me (sort of) they sent it to my attorney who thinks I should deposit all of it into the estate account. I have hired one of the KY’s best attorneys, but it as if I have to watch the fox that I hired to watch the hen house…

Kentucky has a law that prohibits convicted murderers from financially benefiting from crimes they are found guilty of. I am told by the Commonwealth’s Attorneys that it will be at least another year before Sibling 2 will have a court date (7 months have now passed since the incident) and as long as 3 more years before the situation is settled if the case is appealed.

The estate needs to be settled, but everything is so screwed up…

 

[Dandy Don]

It is a common rule that life insurance monies pass outside of probate--your portion of these monies is yours to spend anyway you want, and it's a bit odd that the insurance company put the administrator designation on the check they sent to you. It has no business being put into an estate account since it is not an estate asset. Get a second opinion about this from another probate attorney in your area.

Just as a precaution, you should put sibling 2's portion of this payout in a trust account until he is actually convicted, and then YOU get this money when he is actually convicted unless you want to go ahead and give him his share to prevent him from coming after you and murdering you if he is upset with the way the law is written!!

DANDY DON IN OKLAHOMA ([email protected])

 

[pburchett]

Thank you Dandy Don for your comment. I also thought life insurance monies would pass outside of probate, but just wondered if this was correct. I also thought it a bit odd that the insurance company put the administrator designation on the check, as it did not say to the estate of, just Sibling 1 administrator of A & B estate.



QUOTE: "Just as a precaution, you should put sibling 2's portion of this payout in a trust account until he is actually convicted, and then YOU get this money when he is actually convicted unless you want to go ahead and give him his share to prevent him from coming after you and murdering you if he is upset with the way the law is written!!"

Yes I will forever have to watch my back, and the backs of my family if #2 ever gets out.

Thanks you again Dandy Don