Life insurance questions? please help?

Question

my dad had life insurance through his work and paperwork was filed before he passed but not completed because he was expected to live a lot longer than he did. His will went unfinished and he did not name a beneficiary on his life insurance. My dad was married with four children. Please can anyone explain what will happen? are we screwed? can anyone help me please? any advice?

Answer 1

That happened to my grandfather.  No will.  Married and 2 children.

The end result, is that the life insurance will pay out to his estate.  

My grandmother got 50% and the children split the other 50%.

And this was after 2 years in the court of law.

Sorry to hear your news.

Answer 2

the courts will usually go with anything that is written by the person.  If there is anything written in his own hand of his wishes, then that is the document you want.  If it says in his will he wants his things to go to so and so, the insurance policy should be divided in the same manner

Answer 3

If he died without a will, then state probate law determines how his estate is settled.  If he had life insurance with no named beneficiary, contact the life insurance company to determine their procedures in such a situation.

Answer 4

Well his WILL is different from his insurance. If he signed up with life insurance through his job and was approved then that means that by law he HAD to have signed someone as the beneficiary. His WILL may just go to his estate which in turn would go back to the state in which you live, but if he was given a binded receipt (which means was unconditionally approved for his life insurance and coverage started upon signing) and had paid the first premium then whoever he signed as the beneficiary will get it. Message me if you have anymore questions. I'm sorry for your loss.

Answer 5

If there is no beneficiary named in the life insurance policy, unfortunately the proceeds will go through his estate instead of directly to a beneficiary--that means it may be subject to taxes.

The money will go to his legal heirs in accordance with state law.  I don't know what state he lived in, but this usually means that either his wife gets the money or it is shared between the wife and children.  For example, the widow may get half, and the children share the other half equally.  

You will need to consult an attorney in the state in which your father lived to determine exactly how it will go, but don't worry about it--it will all go to the family except for any taxes that may apply (it doesn't go to the state like some people would say).

In Ohio, when there is more than one child, I believe the surviving spouse gets the first $50,000 or $60,000, plus one-third of the balance of the estate, and the children share the rest equally.

Answer 6

IF the policy is in force, he MUST have named a beneficiary.  If for some bizarre reason he wasn't able to, the money goes to his estate - it will pay off all his debts, and if anything is left over, it will be distributed to his legal heirs - most of the time, that's the spouse.