Legal Question in Wills and Trusts in Virginia
Disbursement of Life Insurance
In the state of Virginia are the benefits of a life insurance policy and a 401K account with a named beneficiary paid directly to the named beneficiary. This is and insolvent estate that doesn't have enough resources to cover outstanding debt.
Asked on 2/07/04, 1:37 am
1 Answer from Attorneys
Richard S. Stolker
Uptown Law, LLC
Re: Disbursement of Life Insurance
A life insurance policy is a contract. The terms are that the insurance company will pay the beneficiary when the insured dies. The proceeds do not belong to the estate of the individual who was insured. 401(k) plans vary, but it is likely that the one you mention works in much the same way.
Richard S. Stolker
301-294-9500
Answered on 2/07/04, 2:28 pm
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