If I die without a will, who will collect from my life insurance? Does my life insurance money go through the Florida probate process? When I designate someone as beneficiary of my life insurance, will they be able to easily inherit?
Who Inherits Life Insurance in Florida Probate Litigation?
- When determining who will inherit under a life insurance policy, you have to look at the plan and the beneficiary designation.
- Generally speaking, the named beneficiary inherits the plan.
- Life insurance is an asset that is not subject to intestate succession?
- In fact, many assets will not be subject to intestate succession.
- This is because only property that would have passed through your Florida will, property you owned alone, will pass intestate.
What assets will not be subject to intestate succession?
- Property transferred through a living trust.
- Life insurance proceeds (since you name a beneficiary)
- Funds in an IRA, 401(k), or other retirement account
- Securities held in a transfer upon death account
- Payable on death accounts
- Property you own with someone else in joint tenancy or tenancy by the entirety.