If my uncle passed and we found an $8,000 life insurance policy of which my late dad was beneficiary, shouldn’t it now go to my mother?

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If my uncle passed and we found an $8,000 life insurance policy of which my late dad was beneficiary, shouldn’t it now go to my mother?

Asked on January 28, 2016 under Estate Planning, New Jersey

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

As a general rule, if the beneficiary designated under a life insurance policy dies before the insured dies, then the contingent beneficiary (if there is one listed) would recieve the proceeds of the policy. If there is none named at the time of the insured’s death, then the proceeds would be paid pursuant to the terms in the policy, which is tyically to the insured’s estate.
When the beneficiary named in a life insurance policy dies after the insured but before payment of the insurance proceeds, the proceeds become part of the beneficiary’s estate, since they are regarded as having vested in the beneficiary upon the death of the isured
That having been said, some of this can vary from state-to-state so you should consult directly with a local attorney.


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