Lack of Control Over Distribution:If no beneficiary is named, the insurance company may have to follow state laws or default guidelines to determine the distribution of the death benefit. This may not align with your intentions or the needs of your loved ones, leaving you without control over ...
If the deceased employee leaves no dependents, $20,000 goes to the deceased’s estate. If the deceased employee leaves a surviving spouse, 50% of the deceased’s average weekly wages (subject to the maximum benefit) go to the spouse. If the deceased leaves a surviving spouse and 1 or mo...
If their name isn’t on the original loan, the lender will most likely require them to refinance to a new loan. Student loans Private student loans are a type of unsecured debt, which means lenders have no recourse if the estate doesn't have enough money to repay them. However, co-...
3. Escheatment to the State: In certain cases, if the insurance company is unable to locate the beneficiary or if no beneficiary is named, the unclaimed policy proceeds may eventually be turned over to the state government. This process, known as escheatment, varies from state to state, b...
If you don’t name a beneficiary, the benefit payment from your insurance might be delayed until the company or state court determines where it should go. Most life insurance policies have a default payment order and may end up paying out to your estate. If this happens, your loved ones ...
If a property owner has passed away and the title is still in his or her name, the heirs may need to go to probate court to have the title transferred. Probate or administration is the legal process of administering the deceased person's estate, including distributing the prop...
What happens if you die without a will in Texas? Our Texas estate planning lawyers break down what to expect if you die without a will.
The bank can put a property lien on a house when the homeowner fails to make a payment. Learn how to find liens on a property and what to do if you have one.
Generally speaking, undesignated bank accounts are wrapped into the rest of the deceased’s estate and will be distributed according to the terms of their will or, if there is no will, according to state laws. These funds are also used to settle existing debts and obligations on behalf of ...
estate of a deceased person. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate. As of 2024, only six states impose an inheritance tax. And even if you live in one of those states, many...