What to do if my children’s grandfather died leaving a $101,000 life insurance policy?

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What to do if my children’s grandfather died leaving a $101,000 life insurance policy?

The US goverment trust funds were transferred to the state. The children made a claim to the state and the claim was approved. Then 2 years later, the state claims the value of the Trust funds to be .04 cemts and refuses to transfer the trust funds. What are the laws regarding this?

Asked on January 5, 2013 under Estate Planning, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given what you have written about, I suggest that your children consult with a Wills and trust attorney about the life insurance policy which is the topic of your question.

From what you have written, it seems that they as beneficiaries under the life insurance policy of their grandfather should be entitled to it at its value of $101,000. The life insurance policy may not be an asset of the estate if the grandchildren were its beneficiaries.


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