Legal Question in Wills and Trusts in Ohio
Benefactors
A life insurance policy is taken out and a beneficiary is named. The beneficiary dies first. The beneficiary is never changed on the policy and the policy holder dies. Does the policy then revert to the estate or to the deceased benefiaries spouse? Is the policy to be split up amongst all the beneficiaries named in the will?
2 Answers from Attorneys
Re: Benefactors
The proceeds of the life insurance are payable to the deceased's estate. As such, they are included in the gross estate for purposes of Ohio and federal estate taxes. The proceeds would then de divided according to the terms of the will pr by intestacy.
Re: Benefactors
If the beneficiary of a life insurance policy dies, and is not replaced, the proceeds become property of the estate of the decedent, and can be used to pay debts, expenses, and bequests of the estate. A beneficiary's spouse has no rights at all.
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