If y son, my mother and I were all equal beneficiaries on my father’s insurance policy but my mother pre-deceased my father, how are the remaining benefits paid?

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If y son, my mother and I were all equal beneficiaries on my father’s insurance policy but my mother pre-deceased my father, how are the remaining benefits paid?

Asked on March 26, 2013 under Estate Planning, Illinois

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 8 years ago | Contributor

This depends on how the policy is written and how the beneficiary designation was written.  It the policy and/or the beneficiary designation says to son, mother, and you "or the survivor," then the money goes to son and you.  If they say to son, mother, and you "in equal shares" or "per capita" then your mother's portion probably goes to your mother's estate.

These questions are why people should consult a lawyer about their life or estate plans.  Lawyers see these problems happen and take steps to make matters clear so that there are no questions.


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