If a couple who had a joint life insurance policy both died who would get the money?

Question

I am researching for a story that i am writing and would really appreciate your help guys.

The couple have a mortgage and two kids. The children's aunt is left in charge of the children so who gets the money?

Answer 1

The money goes into the couples estate and then it depends on what is in the wills has to what happens to it after that.

Answer 2

The only factor that determines that is who they named as the beneficiary when they took out the policy.  Wills don't matter, kids don't matter.

Answer 3

It would be the next of kin namely the children but it would be put in trust until they come of age, the mortgage should be paid off by the mortgage insurance.

Answer 4

Its put in a account till the children are 18 or 21 and then they would be able to get it then.  

Answer 5

It all depends on who is designated as the "secondary" beneficiary (assuming of course that the spouse was the "primary" beneficiary).  Whoever is designated as that beneficiary  will get the money.  If no beneficiary is designated (big mistake tax-wise!) then the insurance money goes into the estate.  If there is no will or trust, then the children would get the estate. And since there is no guardian listed because there was no will or trust then the court decides who becomes the guardian(s)  both (physical & financial)  

Answer 6

With any life insurance policy joint or individual the named beneficiaries get the money.  Most policies allow you to split the money to multiple beneficiaries or have backup beneficiaries if the die before you.  

In this example the money will go to whoever the policy names as the beneficiary.  If they didn't name one or they named each other, then the life insurance will just go into their estate and paid out according to their estate.  Eventually the kids will get the money either way.  

Answer 7

The money would go to the estate of the person who expired last. In this case the aunt was left in charge so she should see that the money is used for the benefit of the children.. However, there is an obligation to rid the estate of the house and pay off the mortgage. With the present state of the real estate market some one would likely get a piece if property at a cut rate price.

Answer 8

it depends if they have left a will, if they haven't its a nightmare, it doesn't always go to the ones you think.  

Answer 9

It depends on if they have a will. If they have a will then it will be determined by that. Otherwise, every state is different on probate, which is basically how the state determines all the assets in an estate, usually they go to children first, if no kids, then parents of deceased second, and if no parents alive, then siblings.

In your case, the aunt will be left as the guardian and the trustee on the kids money until they are 18 or there are special provisions in the will that states a specific age.

Answer 10

No doubt it varies state to state.  First is there a Will ??  If not, a probate court will decide.  

Answer 11

Its will go in accordance with their Will.  If there is no Will and they died together, say in a car crash, the younger person is deemed to have died last and it will go to their next of kin, being the children in this case.

Answer 12

If they died at the same time, e.g. in a plane crash, then the older of the two is deemed to have died first, and the insurance money would form part of the estate of the younger person.  

Answer 13

As far as i know,this is a question with many different answers,it is really depend on the judgement of yourself,provide a great resource here for reference though.http://insurance.online-frees.info/insur...

Answer 14

Most life insurance policy have a primary beneficiary and a secondary beneficiary.  Assuming the the surviving spouse was the primary the secondary would get the money.  If they did some planning the children would be the secondary and they would have a will which would give guardianship of the minor child.  I assume the guardian would be the aunt in this case.  The will would also indicate that any inheritance the children would receive be in trust to be overseen by a trustee, which is usually the same as the guardian.

Answer 15

It depends on who they have listed as their beneficiaries or what they have in the will.  Most people list their spouse and then their children as their beneficiaries.  In the will (if they have one) it will likely give an age when the children are given access to the money.  Eighteen, 21, and 25 are all common ages to put down.  The aunt may be given some money to help cover some of the expenses of raising two additional children, but again that depends on what's in the will.

Answer 16

Don't kill your parents! you'll go to jail and you won't get no monies.