I have a weird question. Suppose you're all alone in the world and have a beneficiary appointed for your life ins. When you die, since know one close to you will know, how does the ins company find out? there is no one to make the claim. Is there some sort of "death clearinghouse" that notifies all parties involved? Reason I ask is, I have a friend who lives accross the country. I see him maybe every 3-4 yrs in person and may talk on the phone once a year. He has no family sort of-he disowned his no good sister years ago, his parents are elderly and well off and really don't know me, he lives alone and has for years. So, he appointed me, his only friend that I know of, his benny. I'm not wishing him ill will or anything, but I got to thinking. If something happened to him I may never find out, or at least not for months. So, how does the ins co. find out?
- Thread starter redtom
- Start date
Well if I was in a situation like this I would be asking question's. First one would be to ask your friend about the policy, then the company it is with. You have a good enough relationship with this person that they told you, you were the beneficiary so I wouldn't think discussing this would be out of line.
Then with that info ask the insurance company what their policy is.
Also your friend needs a will esp if he doesn't want his sister in the loop on inheritance. Not a attorney here but pretty sure if he dies without one or nobody can find it she will get the bulk of the estate less he has a wife or kids which sounds like he doesn't. From the sounds of it you are the likely executor so you should know this info.
There was a case here where a elderly lady always said certain relatives of her's were not to get anything, no will to be found so she died in testate and they got a equal share.
Course the life insurance nobody else can touch but there is no incentive on his sister's part to contact you when he dies.
HTH
jt
Then with that info ask the insurance company what their policy is.
Also your friend needs a will esp if he doesn't want his sister in the loop on inheritance. Not a attorney here but pretty sure if he dies without one or nobody can find it she will get the bulk of the estate less he has a wife or kids which sounds like he doesn't. From the sounds of it you are the likely executor so you should know this info.
There was a case here where a elderly lady always said certain relatives of her's were not to get anything, no will to be found so she died in testate and they got a equal share.
Course the life insurance nobody else can touch but there is no incentive on his sister's part to contact you when he dies.
HTH
jt
redtorn, The Funeral Home!!! in addition to their usual funeral responsibilities, Having to get a "Death Certificate" since most smaller policies are used to pay for the Funeral services they will notify the Ins Co. and send a Death Certificate to them, then the policy is paid to the Funeral home, minus any and all cost, then the balance is made into a check, made payable to the Beneficiary.
A copy of your friends "Will" WILL be a necessary Document You should have OR at least a page from a Big Chief Tablet with his wishes written down. Signed & Witnessed & Notarized! Will stand up in a Court of Law as to your friends final wishes and disposition of his properties.
If your friend has Real Property (Land/Home) Cars/Trucks/Tractors and the like, and then a "Will" or "hand written document" is a MUST!
Hope this helps!
Later,
John A
PS... if you want to visit about it! Hollar if you like, My # is 512-577-3837
A copy of your friends "Will" WILL be a necessary Document You should have OR at least a page from a Big Chief Tablet with his wishes written down. Signed & Witnessed & Notarized! Will stand up in a Court of Law as to your friends final wishes and disposition of his properties.
If your friend has Real Property (Land/Home) Cars/Trucks/Tractors and the like, and then a "Will" or "hand written document" is a MUST!
Hope this helps!
Later,
John A
PS... if you want to visit about it! Hollar if you like, My # is 512-577-3837
redtorn, The Funeral Home!!! in addition to their usual funeral responsibilities, Having to get a "Death Certificate" since most smaller policies are used to pay for the Funeral services they will notify the Ins Co. and send a Death Certificate to them, then the policy is paid to the Funeral home, minus any and all cost, then the balance is made into a check, made payable to the Beneficiary.
A copy of your friends "Will" WILL be a necessary Document You should have OR at least a page from a Big Chief Tablet with his wishes written down. Signed & Witnessed & Notarized! Will stand up in a Court of Law as to your friends final wishes and disposition of his properties.
If your friend has Real Property (Land/Home) Cars/Trucks/Tractors and the like, and then a "Will" or "hand written document" is a MUST!
Hope this helps!
Later,
John A
PS... if you want to visit about it! Hollar if you like, My # is 512-577-3837
A copy of your friends "Will" WILL be a necessary Document You should have OR at least a page from a Big Chief Tablet with his wishes written down. Signed & Witnessed & Notarized! Will stand up in a Court of Law as to your friends final wishes and disposition of his properties.
If your friend has Real Property (Land/Home) Cars/Trucks/Tractors and the like, and then a "Will" or "hand written document" is a MUST!
Hope this helps!
Later,
John A
PS... if you want to visit about it! Hollar if you like, My # is 512-577-3837
Anonymous-0
Well-known Member
You have the beneficiary named on the insurance policy,but the policy to me is a waste of good dollars.If he leaves all to you, his next of kin can contest it, and here, the costs come out of the estate. So the {no good?} sister could be laughing.
MarkB_MI
Well-known Member
- Location
- Motown USA
The funeral home also notifies Social Security.
Anonymous-0
Well-known Member
There's some wrong info in other replies. The policy your friend has is a contract between him and his insurance company. It basically says, as long as he pays the premiums according to the terms and conditions of the policy, then the insurance company will pay the stated amount to whoever he directs, the beneficiary. It is not part of the estate, and there is no federal income or estate tax due on the amount paid to the beneficiary. As stated, generally all you need is a death certificate and a policy number and address of the insurance company.
TomH in PA
Well-known Member
It's the executor's job to settle the estate. If he doesn't name one than a court appoint one. He definitely needs a signed and witnessed will to make sure his estate is handled the way he wants.
But I agree with the others, unless he doesn't have enough to cover a funeral he doesn't need insurance. If he has a whole life policy he should cash it out now.
Executor
But I agree with the others, unless he doesn't have enough to cover a funeral he doesn't need insurance. If he has a whole life policy he should cash it out now.
Executor
I don't know where you are from but the money that the beneficiary gets is his and his alone to do with what he wants ot with. Unless the funeral home is named is a beneficiary they can't touch a dime of it. I know from experince on that topic. I was named along with someone else on Moms insurance I got a check for half and the other person got the other half, money was to go for funeral. I paid my half on funeral and wated for other person to pay their half, It didn't. happen when I called them about paying it their answer was OH it came at a good time I paid some bills with it. I finished paying bill Total of $9300. And haven't had any thing to do with them since.
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