QUESTION
What would happen if there is no beneficiary named on life insurance policy?
Asked on Oct 29th, 2014 on Estate Planning - Ohio
More details to this question:
My father passed away very unexpectedly in 2008 in the state of Ohio. Through his work, he had a life insurance policy with MetLife. He was not married (divorced from my mother several years before his passing) and I and my younger brother were his only two children. We were never really given any information after he passed (my brother and I were just teenagers at the time) but I just recently (October of 2014) found a package with his life insurance information, stating that there was no beneficiary named on his policy. It states that the expected amount was roughly $35,000. It also went on to state that because there was no beneficiary, the life insurance would go in order of 1.) His estate 2.) His spouse 3.) His child(ren). How can I find out if this life insurance money went to his estate? He had no will, therefore he had no executor, nor did he have an executor to his estate. Any help to give me steps to take to find out what happened to the money would be greatly appreciated. Thank you in advance.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Insurance companies just write $35,000 checks and mail them at random. The beneficiaries have to apply for the money. There are two possibilities. First, someone got all the info and applied for the money back in the day - in which case the money is long gone. or Second, nobody applied for the money - then there's two options - A. if the insurance company knew of the death, they paid the money to the state where he lived and you can get it back from the unclaimed property department or the insurance company still has it. You can check to state unclaimed property online but you probably have to write the insurance company.
Answered on Nov 03rd, 2014 at 6:51 PM
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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If there is no beneficiary named in an insurance policy, the decedent's estate would be the beneficiary. If they had a will then it would be distributed under the terms of the will. If the decedent died without a will, then it would be distributed under the laws of intestate succession. If he had not surviving spouse, then it would first go equally to his natural or adopted children. You can contact the insurance company to see if it was ever paid out. If it is still in force and unpaid, then you would have to open up a probate estate and have the insurance proceeds probated.
Answered on Oct 31st, 2014 at 5:51 PM