2007-02-15 05:52:06 · 10 answers · asked by Clive & Marilyn M 2 in Politics & Government ➔ Law & Ethics
There are several types of life insurance
Whole Life
Some of them aere actually a savings program, where you pay heavy premiums , at a certain age the policy matures and you can collect , thevalue of the policy, which is the amount you deposited plus it has been collecting interest.
Term
This insurance pays an amount to the beneficiary upon a persons death.
Laws differ in different states, , but Generally being his wife , everything is considered community property, belonging to you both equally, upon his death his assets and also his debts become yours.
There is often a percentage allowed for the children 30% If there is no will , his assets go into probate and the state distributes his property, and the state takes a percentage.
For the most part a husband's will can designate , certain personal items going to a particular person, as a ring going to a brother, or tools going to the eldest son, but the reality is that being his partner in marriage , everything is yours , except as outlined for children by state law.
Sio reguardless of who the beneficiary is, that life insurance policy is part of community property if your husband is the one who paid the premiums.
2007-02-15 06:15:03 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Yes, it is part of his estate. However, life insurance usually does not pass through the will. If the life insurance designates a beneficiary, then it will be paid directly to the beneficiary. The beneficiary can file a claim upon death - the insurance policy does not have to go through the will.
2007-02-15 05:55:59 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Definitely not part of the estate, UNLESS, there is no beneficiary named or that person, or persons, pre-deceased the insured. Life insurance is strictly between the beneficiary and the insurance company. It does not matter what type of insurance it is, if a benificiary is named, that is who it goes to, period.
2007-02-15 05:59:26 · answer #3 · answered by john p 4 · 0⤊ 0⤋
Maybe, but the insurance is not taxable in most cases and should go to whomever he designated as the beneficiary regardless of the estate set. I would consult a lawyer.
2007-02-15 05:54:42 · answer #4 · answered by The Big Shot 6 · 0⤊ 1⤋
Life insurance goes to beneficiary leave the liars and courts fight over the left overs
2007-02-15 06:00:10 · answer #5 · answered by workin_man66 3 · 1⤊ 0⤋
Dont think so. I think the life insurance belongs to the person who was the beneficiary.
2007-02-15 06:03:38 · answer #6 · answered by elaeblue 7 · 1⤊ 0⤋
no it is not part of his estate and can only go to the beneficairy named on it
2007-02-15 05:55:30 · answer #7 · answered by Shelly t 6 · 1⤊ 0⤋
Not really in that it is the property of the beneficiary upon death.
2007-02-15 06:34:41 · answer #8 · answered by Anonymous · 1⤊ 0⤋
only the cash value of it is part of his estate, not the potential payout.
2007-02-15 05:59:57 · answer #9 · answered by swatthefly 5 · 0⤊ 1⤋
why are you trying to kill him for his estate?.. and his insurance money?
2007-02-15 05:54:56 · answer #10 · answered by umm hahah 2 · 0⤊ 1⤋