2007-07-18 17:07:36 · 7 answers · asked by gng_rll 1 in Business & Finance ➔ Insurance
Whoever is named as beneficiary on the policy - which according to you, is the wife.
2007-07-19 00:51:59 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
Insurance goes to the beneficiary you name. The will cannot change the obligation that the insurance company has to you under contract.
These days, a lot of insurance benefits will be paid out to total strangers, because people are being sold insurance for 'investment purposes' for investors.
I have done this myself in the past when I received a lump sum payment to sell the policy to an investor. It was going to lapse anyway, and I thought it to be a good idea. Now there is someone I don't even know who will be a beneficiary to that insurance.
Huzzah!
2007-07-19 07:55:15 · answer #2 · answered by luckyzimmy 2 · 0⤊ 0⤋
A common law wife is the same as any other wife it is just a strange thing a few states have. Beneficiaries get insurance and some other assets will pass to joint owners. If you wife can't prove she is a common law wife she may not get other assets they would go to next of kin or whatever state laws you have.
You should get a will to be sure you wishes are honored. I don't know if you can marry in a court or church if you are already married common law but if you can you should.
I am lucky my state doesn't have common law marriage so we know if we didn't get married we aren't married.
I have been shacking up 21 years but wouldn't want to be a common law wife.
2007-07-19 00:13:50 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
Life insurance avoids probate. No need for a will for the life insurance The beneficiary will get the money
2007-07-21 05:00:26 · answer #4 · answered by Susan C 3 · 0⤊ 0⤋
Insurance is a business contract. Only the named beneficiary can collect the payment. But you may want to read the fine prints on the particular insurance you're talking about.
2007-07-19 00:12:51 · answer #5 · answered by oskeewow13 3 · 0⤊ 0⤋
When my dad died 5 years ago (no will) it turned out he'd never changed his beneficiary on his insurance from the 70's and my mom was still named (his commonlaw at the time, they never married, and they split in the 70's) . She got the $, no hassle, no problem, and split it equally with us kids.
2007-07-19 00:12:29 · answer #6 · answered by Jen C 3 · 0⤊ 0⤋
I'm no expert, but I believe the 'estate' goes into probate, then the state decides who gets what. Normally creditors will get paid first.
http://en.wikipedia.org/wiki/Probate#Steps_of_probate explains a bit of that process.
2007-07-19 00:17:28 · answer #7 · answered by Frootbat31 6 · 0⤊ 1⤋