Legal Question in Wills and Trusts in Florida
Estate Question: Husband died with everything in estate joint to wife....except one life policy...it was in his name with wife as insured...she wants to change ownership to her...she is not going thru probate....the insurance company is asking for court docs? since beneficiary named is his estate? what docs? help please
3 Answers from Attorneys
If the beneficiary of the life insurance policy was the decedents estate then you will need to open probate proceedings to receive the proceeds. I would look to see if the policy have a secondary beneficiary? Otherwise, probate will be required.
Please let me know if I can assist.
If the cash surrender value of the policy is under $75000, then you need an Order of Summary Administration ordering the transfer of the policy to a beneficiary. If over, then you need Formal Administration, and you need a Letters of Administration with a Personal Representative appointed.
Either way, you will need an attorney to do this.
Contact my office for an appointment is you are in my area. You will need to file a probate. It has been my practice to tell my clients not to leave their policies to their estates for this very reason. A trust would have been better or to a direct beneficiary.
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