Life Insurance payout

[shooligan]

What is the name of your state? NY

Hello... If a person passes away leaving life insurance policy to
four children and one of them has already passed away without
any changes having been made, how is the payout divided?

 

[hexeliebe]

It depends on if the dead sibling had an estate which stipulates what will happen to his/her assets. Remember, although the insurance payout has not yet happened, the anticipation of such an asset could be considered a part of his estate.

However, you had better speak with an estate attorney in your area more familiar with the law and, as in all things, timing and information is important.

From what information you gave us I doubt seriously if you get a definitive answer without giving more details.

 

[Dandy Don]

If you know the city where the dead person died, then check at the county courthouse probate court to see if there is a last will and testament on file for that person, and look at the file to get the name and address of the estate executor. Then contact that executor to let them know about this money.

DANDY DON IN OKLAHOMA ([email protected])