My dad passed away in 2006 and apparently had a life insurance policy. My aunt found it recently last year and send me the policy number and company that held the life insurance. I was told i will have to do a transfer of ownership for the policy in order to keep or cash it out. The problem is they are requesting his death certificate and a small estate affidavit based on the county he lived in. Is it gonna take a long time for me to go through the process?
ANSWER BY MARGARET CROSS-BELIVEAU:
If there is a life insurance policy based on your father’s life, the pay out to the beneficiaries occurs when the life insurance company receives notice that the death occurred. A probate is not required for life insurance proceeds to be paid to the beneficiaries. That is the entire point of having beneficiaries. The only time a probate is opened is if a beneficiary that is listed on the life insurance policy has died. You should call back to the life insurance company and talk to a different representative because something doesn’t add up.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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The estate administration attorneys at the Beliveau Law Group provide legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.