Life Insurance Policies & Family Trust

[PUROAZUSA13]

I'm in California, there is a Family Trust in place. There are Life Insurance Policies that the settlor(s) had, and now that they are deceased. How should these Insurance Policies be handled? Should the Policies be part of the Trust, or seperate?

 

[quincy]

Here for the benefit of others is a link to your other, related thread:

https://forum.freeadvice.com/threads/cal-family-trust-administration.664021/

On this forum, it is generally best to keep all related questions to a single thread. Having all information in one place helps the forum volunteers help you better.

 

[adjusterjack]

I'm in California, there is a Family Trust in place. There are Life Insurance Policies that the settlor(s) had, and now that they are deceased. How should these Insurance Policies be handled? Should the Policies be part of the Trust, or seperate?

The first thing you do is read the policies. See if there is a beneficiary (ies) named on the policy. If there are any you will find them either on the front page of the policy jacket or on the application which is part of the policy.

If beneficiaries are named individuals, then the death benefit gets paid directly to them. The money bypasses probate and bypasses the trust.

Each beneficiary can file a claim directly with the insurance company by calling the company, filling out a claim form, and providing a certified copy of the death certificate and any other documentation required by the insurance company.

 

[PUROAZUSA13]

Here for the benefit of others is a link to your other, related thread:

https://forum.freeadvice.com/threads/cal-family-trust-administration.664021/

On this forum, it is generally best to keep all related questions to a single thread. Having all information in one place helps the forum volunteers help you better.

Yes, Quincy I now realize that. I apologize for the inconvenience I may have caused.

 

[quincy]

Yes, Quincy I now realize that. I apologize for the inconvenience I may have caused.

Thanks for the apology, PUROAZUSA13, but an apology really wasn’t necessary. New visitors to this site frequently start new threads when they have additional questions instead of adding to their previous thread. We’re used to it.

 

[zddoodah]

there is a Family Trust in place.

Your post suggests that you are not a settlor of the trust. If that's correct, what is your relationship to the settlors, and are you the/a trustee and/or the/a beneficiary of this trust? If not, what is your connection to the trust?

EDIT: I just looked at your other thread, so the above questions are moot, but the questions below remain.

There are Life Insurance Policies that the settlor(s) had, and now that they are deceased. How should these Insurance Policies be handled?

The beneficiary(ies) named in the policies should contact the company(ies) that issued the policies to claim the death benefits. Are you the/a beneficiary? If not, who is?

Should the Policies be part of the Trust, or seperate?

This question doesn't make any sense. What do you mean by "part of the trust"? Is the trust named as beneficiary of one/some/all of the policies?

 

[PUROAZUSA13]

Your post suggests that you are not a settlor of the trust. If that's correct, what is your relationship to the settlors, and are you the/a trustee and/or the/a beneficiary of this trust? If not, what is your connection to the trust?

EDIT: I just looked at your other thread, so the above questions are moot, but the questions below remain.




The beneficiary(ies) named in the policies should contact the company(ies) that issued the policies to claim the death benefits. Are you the/a beneficiary? If not, who is?




This question doesn't make any sense. What do you mean by "part of the trust"? Is the trust named as beneficiary of one/some/all of the policies?

I just learned of the policy(s), and I just assumed they would be in the trust. I thought they belobged in trust, but I understand now, that they may not be.. Yes, I am a beneficiary and suvvessor cp-trustee, as well.

Your post suggests that you are not a settlor of the trust. If that's correct, what is your relationship to the settlors, and are you the/a trustee and/or the/a beneficiary of this trust? If not, what is your connection to the trust?

EDIT: I just looked at your other thread, so the above questions are moot, but the questions below remain.




The beneficiary(ies) named in the policies should contact the company(ies) that issued the policies to claim the death benefits. Are you the/a beneficiary? If not, who is?




This question doesn't make any sense. What do you mean by "part of the trust"? Is the trust named as beneficiary of one/some/all of the policies?

Your post suggests that you are not a settlor of the trust. If that's correct, what is your relationship to the settlors, and are you the/a trustee and/or the/a beneficiary of this trust? If not, what is your connection to the trust?

EDIT: I just looked at your other thread, so the above questions are moot, but the questions below remain.




The beneficiary(ies) named in the policies should contact the company(ies) that issued the policies to claim the death benefits. Are you the/a beneficiary? If not, who is?




This question doesn't make any sense. What do you mean by "part of the trust"? Is the trust named as beneficiary of one/some/all of the policies?

I just learned of the policicy(s), but I dony know who is listed as beneficiary on the policy(s). As I stated in the previous thread, I am in the dark as far as the Trust is concerned because my family refuses to communicate with me.

 

[PUROAZUSA13]

I just learned of the policy(s), and I just assumed they would be in the trust. I thought they belobged in trust, but I understand now, that they may not be.. Yes, I am a beneficiary and suvvessor cp-trustee, as well.


I just learned of the policicy(s), but I dony know who is listed as beneficiary on the policy(s). As I stated in the previous thread, I am in the dark as far as the Trust is concerned because my family refuses to communicate with me. The settlor(s) were my parents. Thank you for trying to help me.

 

[zddoodah]

I just learned of the policicy(s), but I dony know who is listed as beneficiary on the policy(s).

Without knowing who the beneficiary(ies) of the policies are, it's impossible for us to address your questions intelligently.

In your prior thread - more than three weeks ago - you were advised to retain the services of (or at least consult with) a local probate attorney. Have you don that?

 

[adjusterjack]

I just learned of the policicy(s), but I dony know who is listed as beneficiary on the policy(s). As I stated in the previous thread, I am in the dark as far as the Trust is concerned because my family refuses to communicate with me.

From that I conclude that you are willing to give up any inheritance and walk away from the estate without a penny.

Am I right or wrong?

 

[PUROAZUSA13]

Without knowing who the beneficiary(ies) of the policies are, it's impossible for us to address your questions intelligently.

In your prior thread - more than three weeks ago - you were advised to retain the services of (or at least consult with) a local probate attorney. Have you don that?

yes, I am meeting with the lawyer next week.

 

[PUROAZUSA13]

From that I conclude that you are willing to give up any inheritance and walk away from the estate without a penny.

Am I right or wrong?

wrong, if my parents wanted to include me, I should be included. If not, I wont. My sibs are the hateful ones here.

 

[adjusterjack]

wrong, if my parents wanted to include me, I should be included. If not, I wont. My sibs are the hateful ones here.

I wrote that to emphasize the need for you to have your own attorney to protect your interests.

Which I now see that you are going to do.

 

[PUROAZUSA13]

I wrote that to emphasize the need for you to have your own attorney to protect your interests.

Which I now see that you are going to do.

Thank you, adjusterjack

I wrote that to emphasize the need for you to have your own attorney to protect your interests.

Which I now see that you are going to do.

Thank you adjusterjack, for taking the time to try and help me understand.

 

[bcr229]

You might find this useful in finding out info about the life insurance policies.
https://content.naic.org/article/learn-how-use-naic-life-insurance-policy-locator