My Relative Is Dying And Has Left Me Money In A Trust And Possibly Life Insurance.?
Posted September 17, 2009 – 4:26 pm in: structured settlements FAQI live in Florida. When does this trust become available to me? Does the life insurance company contact me or do I need to know who they are? I don’t know anything about how this works, and I don’t want to ask my family. Please be specific as to how this works – I hate the idea that I have to think about my inheritance, but I’m about to lose my job and I have children to take care of. Please tell me all you know about inheritances. Thanks.
Tags: Dying, Insurance, Left, Life, Money, Possibly, Relative, Trust
8 Comments
If your relative did not have a WILL before he died, then the Trust will have to be settled in court.
As for life insurance, you need to contact his life insurance company. You will need provide documentation that he died before they begin paying out the death benefit. Please note: Only the beneficiaries listed on the life policy will get the benefit. So, if your name is not on the policy, you will get nothing from the life insurance.
In a trust chances are it will have to go to probate. This much I can tell you: It will be a long process. If you are in short term need for money, this won’t do you much good and you should make plans now as if you weren’t going to see any money for a year or two. So look for another job and don’t spend money you don’t have. Life insurance is a little faster, especially if it is not part of the will.
who ever is handling is estate after he dies will be in touch with all individuals who have some kind of inheritance good luck, why don’t you want to talk to your family?
You should be contacted if you are the beneficiary.
First of all your relative has to pass away. Then depending on the size of the estate and which state it’s in, it may take up to a year to go through probate. Then it’s up to how the trust was set up. If you’re under the age of 21, it may stipulate that you get nothing until you reach that age OR depending on how your relative set it up, it may not pay out until you’re 30 or whatever age the relative wanted. The only way you will know is to wait until the will is read. Insurance pays fairly quickly after they’re notified since it assumes that this money is often needed to help pay for funeral costs. Although be prepared to pay for that out of your own pocket ahead of time. (If it falls to you to do so). Good luck with it!
usually after the dieing reltivate is dead sombody contacts you
If you are on that realtives life insurance, tehnt he company should try to get a hold of you. If you are a whole or partial beneficiary, then it is the company’s job to reach you and tell you your options as far as payment goes (lump sum vs. payments with interest, etc).
Find another job before you lose the one you have!! If you didn’t have the inheritance to look forward to, what would you do?? You are selfish. You should want the money to last you or to have money for your children schooling.