What is the name of your state (only U.S. law)? Il
From almost everything I have read, if there is no designated beneficiary on a life insurance claim, the money would go into the deceased estate to be divided between survivors ie.,spouse, minor children. Then I come across what is called a Preference Beneficiary where the insurance says they will pay in order of spouse then children. Now I am totally confused. Which is right by law? Can a Preference Beneficiary be challenged if that is the case, On the basis that the deceased has a minor child who is 14 and deceased was married to surviving spouse for 1 year. Doesn't the minor child have any rights to his fathers insurance money for his future?
From almost everything I have read, if there is no designated beneficiary on a life insurance claim, the money would go into the deceased estate to be divided between survivors ie.,spouse, minor children. Then I come across what is called a Preference Beneficiary where the insurance says they will pay in order of spouse then children. Now I am totally confused. Which is right by law? Can a Preference Beneficiary be challenged if that is the case, On the basis that the deceased has a minor child who is 14 and deceased was married to surviving spouse for 1 year. Doesn't the minor child have any rights to his fathers insurance money for his future?
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