Florida probate lawyers know that life insurance is not probate property. Do you know that means for Florida probate litigation? Can the Florida probate court still direct where life insurance proceeds are paid out to? What happens when it is unclear who the beneficiary of that policy is? Check out this recent case out of Pennsylvania to learn more.
Life Insurance Proceeds
- Do you know what non-probate property is?
- Life insurance is one of the main types of non-probate property.
- What is probate property?
- Mostly everything else.
- How can you tell if something is probate property?
- Probate property is the catch all if it is not probate property.
- The way to tell if something is non-probate property (usually) is if it has a pre-chosen beneficiary.
- What are some common examples of non-probate property?
- A trust is not probate property because the trust charter controls who succeeds beneficiaries and trustees.
- Also, a life insurance program as previously discussed does not go into a probate estate.
- Also, “Pay on Death” or “Transfer on Death” accounts are not probate property.
- So what happens when people file probate lawsuits about non-probate property?
- Do these lawsuits need Florida estate attorneys?
- Check out this recent case from the Federal Courts in Pennsylvania to learn more.
Jackson National Life Insurance Comp. v. Lunt
- This was something called an interpleader action.
- Probate attorneys Florida know that this is a common way for life insurance companies to avoid liability.
- The estate attorney Florida that represents the insurance company will file a lawsuit, deposit the monies with the Court and then bring all the potential beneficiaries into the lawsuit.
- From there the company backs out and the family members / beneficiaries duke it out for the money.
- Does the Florida estate have to pay for this litigation?
- Do the legal fees come out of the life insurance proceeds?
- Has your Florida probate lawyer discussed the potential non-probate property that the estate may have had?
- What do Florida estate attorneys need to know about non-probate property?
Want to learn more?
Check out the entire case by clicking here.
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