What does it mean for someone to be a beneficiary in the state of Indiana ?

Question

I would like to find a coupel things out about being a beneficiary. My Grandmother passed away and my Grandpa is living. I do know that my mom is the beneficiary when so to speak "passes." What does this mean ? Is everything left to her including home or will it go to someone else. She has a brother but he isn't a beneficiary. WHat DOES ALL THIS MEAN ? Please help me in understanding this.

Answer 1

A beneficiary is a person/s who is chosen by the holder. The holder
appoints who gets what upon their death. Example, I have 3 life insurance policies, each I have entrusted my wife as beneficiary at 75% and my daughter at 25%. On these policies the monies would be divided between the two. The same principle as with a will. The holder (maker) decides who gets what. Most time it is to the ones most closest. There can be clauses added, time and guide lines.

Answer 2

I'm not an attorney, but here goes. Estate law is in general very similar no matter what State you live in....

A "Last Will and Testament " (Will) is the official piece of paper when, properly executed, that tells where the person wants their property to go after the person dies. Any person or organization (i.e. if money is given to a church) is a beneficiary of the Estate if they have been left something in the Will.

Just guessing here, but it seems like your GMa probably left everything to GPa (or even that she died without a Will and in that case Indiana has laws that describe how her property is divided).

In general, when GPa dies, his Will could leave his Estate to whomever he wants. If his Will is set up saying the house goes to your mom, then if the Will is properly executed/written AND the assets of your GPa's Estate are not more than his debts, then the house should go to your mom. If your Uncle isn't a beneficiary, that means the Will doesn't have any provision for your Uncle either leaving him money or property.

Sometimes parents leave money to one child and not the other because one child needs so much more (is handicapped or poor) or perhaps the other child hasn't been very good with money...or for as many reasons that you can think of...

Anyway, if your GPa doesn't have a Will, he should contact an Attorney. He should probably consult with a financial planner so that he can protect as much of his Estate (money) as possible.

If you have more questions, please post a follow-up question.

Answer 3

Beneficiary is not a general thing , it is related to a specific financial policy or title or deed.
Each account , checking, savings, brokerage , whatever has a section to designate beneficiary (person to whom it passes in the event of death). Also the deed to property and vehicles may have it indicated.
Your mother may be on one account and someone else on another . It appears you information is not quite complete .
If there are no beneficiaries listed on the accounts nor stated in a will, the spouse automatically inherits the estate (may or may not require processing in probate court)

Answer 4

YOU LIVE IN INDIANA THAT IS SO COOL!