Life insurance beneficiary

Challenging a life insurance beneficiary designation - Boonswang Law

When a policyholder passes away, his or her life insurance benefit is supposed to go to the named beneficiary, often a spouse, family member, or close friend. However, when multiple beneficiaries claim the death benefit, things can quickly become complicated. Alleged forgery/fraud, errors on change of beneficiary forms, and specific circumstances regarding divorce are all typical reasons for challenging beneficiary designations. Forgery/fraud Allegations of fraud are frequent in life insurance cases. A family member may have originally been named beneficiary, yet the policyholder recently designated someone else to receive benefits in their place. However, it’s important to note that...

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Should My Trustee Be The Beneficiary Of My Life Insurance Policy?, Illinois Estate Planning

Should My Trustee Be The Beneficiary Of My Life Insurance Policy? | Illinois Estate Planning This week, I received the following question from a reader.​ Q: Hi I read your blog about funding a revocable trust. My husband and I are talking about getting them, but all we have of significant value (besides house, and a money market ($500,000), is life insurance on his life ($2M). Your article says you should keep the beneficiary of a life insurance policy first to a wife then to a trust. Why? ‍A: Whether to make your revocable living trust the beneficiary of your life insurance policy depends on your personal situation and what your goals are. There is no one-size-fits-all answer to this...

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A guide to naming a beneficiary on your life insurance policy. - Frankenmuth Insurance

One of the most important decisions in establishing a life insurance policy is determining and declaring appropriate beneficiaries. While it might seem simple – the selection of a spouse or child, for example – there are many additional considerations that can and should influence how beneficiaries are named. Selecting a beneficiary for your life insurance policy and keeping the information up to date protects your loved ones’ interests, should something happen to you. So, as you design the life insurance policy that meets your family’s needs, consider these things: What are your reasons for purchasing the insurance? Is it to replace lost income or to protect your family’s lifestyle? If so...

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Choosing a Beneficiary, American Family Insurance

Choosing a Life Insurance Beneficiary What Is a Beneficiary? A beneficiary is a person, a number of people or even an entity, such as a charitable organization, that receives the benefit of a life insurance policy when the insured person passes away. There are two basic kinds of beneficiaries: primary and secondary, also sometimes referred to as contingent. Find out more about beneficiaries to better understand how they fit into a life insurance policy. Who Should Be My Primary and Secondary Beneficiaries? A primary beneficiary is the first-named beneficiary — or the person who will receive the life insurance benefit if the insured passes away. When choosing your primary beneficiary, there...

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The Impact of Divorce on Life Insurance Beneficiary Designations, Outhier Caruthers

Jessica Caruthers, Attorney at Law In more than one recent probate case, I have faced scenarios similar to the one described below: Oklahoma resident Laura died in 2012, and her estate is being probated. Laura is survived by her husband, James, and an adult daughter from a prior marriage, Alice. During Laura’s first marriage, in 1990, she purchased a life insurance policy with a death benefit of $500,000 that named her husband, Steven, as the beneficiary. When Laura and Steven divorced in 1993, she did not change the beneficiary designation. Now, Laura’s daughter Alice and Laura’s husband James are disputing who is entitled to receive the life insurance proceeds. Alice believes Steven or...

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10 ways to screw up when picking life insurance beneficiaries

10 common mistakes when choosing life insurance beneficiaries Barbara Marquand - Last updated: Dec. 26, 2018 Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Life insurance mistakes are common, financial advisers say. They can be heartbreaking and expensive. When mistakes are made "you're not creating problems for you," says Keith Friedman, principal of FBO Strategies, an estate planning and insurance firm in Stamford, Conn. "You're creating problems for the people you leave behind." Here are 10 life insurance beneficiary mistakes to avoid: 1. Naming a minor child Life insurance companies won't pay the proceeds...

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Beneficiary - Wikipedia

Beneficiary A beneficiary (also, in trust law, cestui que use ) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, the assets will probably pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor...

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How to Choose a Life Insurance Beneficiary, Western Southern Financial Group

We all want what's best for our family and other loved ones. Sometimes, that might mean thinking about what we could do to best support them when we're no longer here. Life insurance could help provide you with a tool to do just that. Now, a policy doesn't actually insure your life — what it does is help insure against the financial hardship your beneficiary could face if something happened to you. A life insurance payout, which is the financial benefit of a life insurance policy, could help cover a number of financial needs for your life insurance beneficiary, including debt repayment and living expenses. It could also help provide the financial means to maintain the same lifestyle,...

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The wrong life insurance beneficiary can wreak havoc with your estate plan - Hartmann, Blackmon Kilgore P.C

Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life insurance proceeds to unnecessary state inheritance taxes (in many states), exposes the proceeds to your estate’s creditors and ensures that the proceeds will go through probate, which may delay payment to your loved ones. Naming minor children as beneficiaries. Insurance companies won’t pay life insurance proceeds directly to minors, which means a court-appointed guardian (who,...

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Life Insurance Beneficiary Primary vs Contingent Beneficiaries - TermLife2Go

Most people don’t put much thought into choosing a life insurance beneficiary. Unfortunately, this can create a major problem for your heirs. As a result, TermLife2Go put together this article to help you navigate the potentially stormy waters involved in naming primary and contingent beneficiaries. Life Insurance Beneficiary You can name up to three levels of beneficiaries for your life insurance policy on your beneficiary designation form.Typically, when filling out the designation of beneficiary form, you will need the beneficiaries personal information, such as their social security number, date of birth, address and phone number. You will also have the option of naming a...

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