Legal Question in Wills and Trusts in Ohio
death beneficiary
My ex-husband past away suddenly and did not have a will. He had a life insurance policy thru work that pays one years salary. For beneficiary, he listed 0, no one was listed as beneficiary. My son resided with him and is a senior in high school and is 18. Our daughter is married and is 19. When we received the paperwork thru his insurance, it stated 0 beneficiary was noted so the money will first go to his estate, then his wife (if any, but no he did not remarry) and then to his children, parents, siblings. Do my children have a legitimate right to this insurance money? What can they do. My ex has alot of debt and if the money went to his estate, there would be no money left for my kids. Please respond. Thank You.
3 Answers from Attorneys
Re: death beneficiary
A probate estate must be opened and the insurance policy proceeds paid to the estate. In the process, all debts must be listed and paid before any distribution is made. A good attorney may be able to negotiate some of the debts down, especially if there is a potential insolvency here. In doing so, there may be some money left for the kids who would be the only beneficiaries.
Re: death beneficiary
A probate estate needs to be opened and then the executor would need to claim the insurance proceeds. Under Ohio law, his wife and children under 18 would have been entitled to claim the first $40,000 before creditors. However, if all children have attained age 18, creditors must be paid first and then whatever is left will go to the children (assuming he has no wife).
Re: death beneficiary
I would suggest contacting a couple of attorneys who handle probate work for a consultation. If you are near Franklin County feel free to call our office to set up a free consultation.
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