Questions about life insurance policies?
If I’m an only child and neither one of my parents are married, if they die will all the money go to me? ( neither one has a will )
- car253Lv 74 weeks ago
The money will go to you IF you are the beneficiary of the life insurance. And, if they own anything, they should consider writing a living trust to leave you everything.Source(s): You need to pick a best answer.
- Common SenseLv 74 weeks ago
Life insurance policies typically have nothing to do with a will.
All life insurance policies are set up with a beneficiary who is chosen by the policy holder. A beneficiary is the person or persons who the insurance company is obligated to pay when the insured dies. Sometimes an insurance policy is directed to go to the estate to be used for final debt/expenses and or to be disbursed as instructed in the will.
I have been the executor of four people's estates and each had life insurance policies that were separately handled from the deceased person's last will and testaments.
- ibu guruLv 74 weeks ago
Since your parents are not married (never married?), expect you would have to prove paternity to have any claim against your father's estate. Where there is no will (intestate), state laws apply. All debts of the deceased must be paid, and all taxes as well, before you might have a claim against anything which might remain. As for any insurance policy, when they got the policy, they had to name a beneficiary - which might or might not be you. Insurance companies must pay to the named beneficiary (named beneficiary may be "estate," in which case it will pay deceased's bills & taxes, with any residue paid to heirs as determined by the Probate Court.
Note that your parents' siblings, parents, or other relatives could have a legal claim to lodge against the estate. NO guarantees that you might be sole heir.
- Ron AkiaLv 64 weeks ago
As they have no will, the assets will go to the heirs according to law. As you are an only child, the law should read that you are the sole heir. Exceptions will be life insurances which have a beneficiary and other accounts that have a payable upon death individual or individuals named.
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- John AldenLv 74 weeks ago
Insurance is paid to the listed beneficiary on the policy and not according to a will or the courts.
- Coffee DrinkerLv 74 weeks ago
Life insurance policies require a named beneficiary. If the person dies, the death benefit is paid to the named beneficiary. It doesn't matter what the person's will said or what the local/state laws say about which relatives inherit their stuff, the life insurance is completely separate from that entire process and gets paid to the beneficiary listed on the policy.
So IF your parents have life insurance, and IF they die, and IF they named you as the primary beneficiary then you'd be paid for the death benefit.
Inheriting their money and other assets is another story - local laws will dictate how their assets are handled, but generally speaking you'd inherit everything they owned. The spouse is usually first, then if a person did not have a spouse at the time of their death their children would split equal shares of the inheritance but if you're the only child then there would be no split and you'd inherit everything they owned. You usually have to pay off their debts so you only keep whatever is left. With things like a house that still has a mortgage you'd either have to sell it and pay off the loan and only keep the extra money, or you would have to refinance by getting a new loan to pay off their loan. But you aren't going to be able to keep a house without settling up with the bank one way or another.
- AmyLv 74 weeks ago
All of THEIR money (minus their debts) will go to you.
Unless they told the bank otherwise, which does not require a will.
A life insurance policy, if they even have one, names the beneficiary. It might go to you, or to a significant other, or to the person who will become your guardian if they die while you're underage, or anyone else they chose. Your parent might have gotten this policy years ago and never updated who the beneficiary is.
- Anonymous4 weeks ago
The money goes to the designated beneficiary....
Is it you ? ? ? ? ?
- EvaLv 74 weeks ago
Life insurance policies have a named beneficiary. Your parents can name anyone they wish. Life insurance passes by contract and is not included in a will unless the estate is named as beneficiary.
- Anonymous4 weeks ago
I do not see a question about life insurance policies here.
If your parents have life insurance, the benefits will be paid to whomever they designated as beneficiary of the policy. This has nothing to do with a will and "all of the money".