Distribution Of Property At Death Of Owner
What Does Distribution Of Property At Death Of Owner Mean?
The distribution of property upon an owner’s death to surviving family members or other potential recipients is determined by the existence of a will or, in its absence, by the interpretation of the will by a court of law. If no will is present, involved parties will seek a court ruling.
Regarding insurance claims, the beneficiary of the deceased initiates the claim by contacting the insurance company and providing the necessary documents, including the original policy and a death certificate.
Insuranceopedia Explains Distribution Of Property At Death Of Owner
For real estate or financial assets left after a death, the presence of a will dictates how these assets are distributed, with the will being validated by a probate court. If a will is absent or unclear, the probate court will determine the distribution of the property.
In the case of an insurance claim following the death of an insured person, the beneficiary listed on the original policy takes action. The beneficiary contacts the insurance company to obtain a claim form, completes it, and submits it along with the original insurance policy and a death certificate. Upon receipt, the insurance company will disburse the amount specified in the policy to the beneficiary.
If the primary beneficiary has passed away, the payout goes to a secondary beneficiary if one is named in the policy, following the same process. If no secondary beneficiary exists, the amount will be directed to the estate of the insured.
