QUESTION
What are estate consequences for life insurance policy where owner and insured are different people and both die simultaneously.
Asked on Apr 26th, 2021 on Estate Planning - Kansas
More details to this question:
I am working on a project case study for an Estate Planning course in grad school. I was trying to find information on a hypothetical situation involving life insurance and what the estate consequences would be. If husband is the owner and beneficiary, wife is the insured, and they both died simultaneously in a car crash, how would that affect their "joint" gross estate and "joint" probate estate?
1 ANSWER
2 Awards
There is no joint estate. Each Will should state what will happen in the event of simultaneous death. State law may or may not have such a provision.
Answered on Apr 27th, 2021 at 5:06 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.